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MOVES Infrastructure Council of EMPEA. EMPEA is plaintiffs’ appeal from the decision by the Court
the global industry association for private capital of Appeals in Buenos Aires of July 3, 2018, which
GeoPark announces in emerging markets. affirmed the trial court’s opinion and dismissed
Varma knows GeoPark and its team well the Ecuadorian plaintiffs’ action for lack of juris-
appointment of Somit since his time at the IFC. The IFC was one of diction. Argentina’s courts have now uniformly
the Company’s early investors in 2005 and was and definitively rejected the plaintiffs’ attempt to
Varma to board of directors a supportive and key shareholder and lender for recognise and enforce the Ecuadorian judgment
many years.
in that nation.
GeoPark, a leading independent Latin American Varma is from New Delhi, India and earned With the decision of the Supreme Court of
oil and gas explorer, operator and consolidator his MBA at Boston University before attending Argentina, the last pending proceeding seeking
with operations and growth platforms in Colom- the Executive Development Programme at Har- the recognition of the corrupt Ecuadorian judg-
bia, Peru, Argentina, Brazil, Chile and Ecuador, vard Business School. ment has come to an end. Decisions by courts
announced the appointment of Somit Varma as a Varma said: “I very much look forward to and tribunals in the United States, Brazil, Can-
new independent member of the Board of Direc- joining and working with GeoPark again – a ada, Gibraltar, The Hague, and now Argentina,
tors of the Company, filling an existing vacancy, company positioned as the leading oil and gas confirm that the fraudulent Ecuadorian judg-
effective August 1, 2020. independent in Latin America. Over its nearly ment should be unenforceable in any court
For more than 30 years, Varma has been a 20-year history, GeoPark has differentiated itself that respects the rule of law. Even the Republic
proven and respected investor in oil, gas, min- through its team, track-record, assets, culture, of Ecuador, a longstanding supporter of the lit-
ing and infrastructure projects across the globe. and its commitment to communities, the envi- igation against Chevron, finally admitted in a
His impressive track-record includes building ronment, and sustainable development. I look public filing earlier this month that the $9.5bn
management teams, growing businesses to scale forward to contributing during this pivotal time judgment issued by its courts against Chevron
and making significant contributions towards in our industry, to help GeoPark capture the is “fraudulent.”
improving environmental, social and corpo- enormous opportunities the future of energy Chevron has defeated all actions to date
rate governance standards. In addition, he has has to offer.” seeking the recognition and enforcement of
worked with governments and communities Gerald E. O’Shaughnessy, Chairman of that judgment. In July 2019, after the Canadian
in Latin America, Asia and Africa to achieve GeoPark, said: “The Board of Directors is Supreme Court declined to review a lower court
a better outcome from the use of their natural pleased to welcome Somit to our Company. opinion dismissing the action against Chevron’s
resources. With his deep knowledge of oil and gas invest- indirect subsidiary in Canada, the plaintiffs
Until 2010, Mr. Varma was the Global Head ment, appreciation of and success with environ- dismissed their Canadian recognition proceed-
of Oil, Gas, Mining and Chemicals for the Inter- mental, social and governance issues across the ing. In November 2017, Brazil’s highest court
national Finance Corporation (IFC), the private world, and special insight into GeoPark from dismissed a recognition action brought in that
sector arm of the World Bank. At the IFC, he his long experience with us, we expect Somit country. Prosecutors in both Brazil and Argen-
managed a diverse multi-bn dollar portfolio of to begin adding value immediately. His proven tina had previously opined that the Ecuadorian
projects in emerging markets and delivered an skill sets, including his knowledge of interna- judgment was unenforceable because it was the
impressive return on investment during his ten- tional markets and varied board experiences, product of fraud and corruption.
ure. He was also the Chairman of IFC’s Oil, Gas, will strengthen and enhance our Board and The key remaining proceeding in connection
Mining and Chemicals Investment Committee. Company.” with the corrupt Ecuadorian judgment is Chev-
While at the IFC, Varma also chaired the GeoPark, August 03 2020 ron’s arbitration against the Republic of Ecuador
Global Gas Flaring Reduction (GGFR) Part- before an international tribunal in The Hague.
nership, a public-private initiative comprising The tribunal ruled for Chevron on liability in
governments, oil companies and international LEGAL 2018 and the arbitration is now in the damages
institutions intent on reducing gas flaring glob- phase, where Chevron is seeking to recover
ally. He also served as a Non-Executive Director Argentina’s Supreme from the Republic of Ecuador costs Chevron has
of Escondida, the world’s largest copper mine, incurred to expose and defend against the fraud
located in Chile. Prior to heading the natural Court rejects fraudulent perpetrated against it.
resources business, Varma was the Chief Invest- Chevron, July 30 2020
ment Officer in the Power department at the IFC Ecuadorian judgment
and has extensive experience in the power gener-
ation and distribution businesses. against Chevron
From 2011 until July 2020, Varma was a Man-
aging Director in the Energy Group at Warburg Argentina’s highest court unanimously rejected
Pincus, one of the world’s premier private equity the plaintiffs’ final bid to enforce a fraudulent
firms, with over $10bn committed across a wide $9.5bn Ecuadorian judgment against Chevron
range of energy companies globally. During his Corporation. This is the latest in a string of legal
tenure at Warburg Pincus, Varma served on the victories in Chevron’s global defense against the
boards of several international energy compa- Ecuadorian judgment—found by US courts to
nies where he worked with management teams be the product of fraud, bribery, and corruption
on a diverse set of issues including new acqui- and held unenforceable as a matter of interna-
sitions, strategic partnerships, capital allocation, tional law by an international arbitral tribunal in
risk management, succession planning, and The Hague.
growing and mentoring teams. On July 30, in a unanimous 5-0 decision,
Varma is also Chairman of the Energy and the Supreme Court of Argentina dismissed the

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