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Sovereign risk insurance
DEAR EDITOR,
It is time the likes of Christopher Ram and the rest explain in layman terms Expropriation and Regulatory (change of law) Risks associated with Exxon to the Guyanese people. Moreover, how Exxon got investors to finance the projects of drilling for oil in Guyana.
The risk of expropriation encompasses all discriminatory measures taken by a host government which deprive the investor of its investment without any adequate compensation; for the purpose of analysing the expropriation risk, events of embargo, change of (legal) regime and denial of justice are included.
Regulatory risk is the risk that a change in regulations or legislation will affect a security, company. Corporations are allowed to enter into contracts, sue and be sued, own assets, remit federal and state taxes, and borrow money from financial institutions, or industry.
I assumed investors and banks were not stupid and took out sovereign risk insurance.
Keith Bernard
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