Court ruling sends Guyana to new elections, as first oil output looms

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CORRECTED-Court ruling sends Guyana to new elections, as first oil output looms

GEORGETOWN, June 18 (Reuters) - A regional court on Tuesday upheld the Guyanese Parliament's December no-confidence vote in the government, meaning the South American country will face new elections just as its nascent oil industry appears set to transform the economy.

President David Granger challenged the surprise vote, which came after one member of the ruling coalition unexpectedly sided with the opposition on the motion, in court. But after several appeals, the Trinidad-based Caribbean Court of Justice upheld the no-confidence vote.

Guyana's constitution calls for elections to be called within three months of a no-confidence vote, unless Parliament extends the deadline.

In an address to the nation on Tuesday, Granger said the vote would be held in late November to give the country's independent election body time to create a new registry of voters in the country of 750,000. Opposition leader Bharrat Jagdeo criticized that plan, saying no new registry was needed.

The opposition has accused Granger's government of mismanaging the country's oil resources and granting Exxon overly generous contract terms.

This article appears in: Stocks , World Markets , Oil
Referenced Symbols: XOM

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