Allowing corrupt foreign judgments into our courts: Another sign Canada’s bad for business
Source: Financial Post
Author: Jay Cameron
Jay Cameron: Allowing corrupt foreign judgments to proceed to enforcement against Canadian companies is an insult to our Constitution and the rule of law
The headwinds against Canada’s oil and gas industry have been severe the past few years, and show no signs of abating. But a court case in Toronto this week showcases yet another formidable threat to the integrity of the Canadian business environment that could give foreign corporate interests another reason to hit the pause button on Canadian investment.
In 2011, a $19.5 billion Ecuadorian court judgment (later reduced to $9.5 billion) was secured against Chevron Corp. for alleged environmental damage supposedly done by Texaco, a company Chevron purchased in 2001. The judgment was issued despite all subsequent remediation and a written commitment by the Ecuadorian government to Chevron to legally remove any liability.