News
How Wealthy Corporations Use Investment Agreements to Extract Millions From Developing Countries
A case in point: When Ecuador placed a windfall tax on foreign oil operations, French and U.S. companies filed claims—and were awarded more than $800 million.
By Nicholas Kusnetz, Katie Surma
QUITO, Ecuador—When Rafael Correa entered Ecuador’s presidency in 2007, the nation faced an opportunity and a challenge. Ecuador’s economy depended on oil, and global crude prices were near a record high. Much of the oil was extracted by foreign companies, however, so as prices surged more wealth began flowing overseas.
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