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Government of Argentina
Azurix is a water services company and subsidiary of Enron Corp. It had a 30-year contract to provide water and wastewater services to 2.5 million people in 49 districts in the province of Buenos Aires, Argentina. Enron paid $438 million for the concession. Customers complained of brown, foul-smelling water while others did not have any water service for several days at a time. An Argentinean regulatory agency required Azurix to deliver free water and refused to allow the company to bill customers for water during the period of time at issue. Azurix claimed local authorities had failed to meet the conditions of the contract, which included removal of algae from the water reservoir. Azurix withdrew from the contract altogether in October 2001 and the concession was terminated in March 2002. An international arbitration panel has awarded a $185 million judgment in favor Azurix. (Aug-17-06) [SAN ANTONIO BUSINESS JOURNAL]
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Published on Aug-20-06
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