Home Business The Mexican Government of AMLO faces 12 international lawsuits by foreign investors

The Mexican Government of AMLO faces 12 international lawsuits by foreign investors

MEXICO CITY.- The Government of Andrés Manuel López Obrador inherited 12 international arbitrations promoted by foreign investors that, under free trade agreements, accuse the Mexican State of expropriating its assets.

In 7 of the 12 arbitrations, claims are claimed for 2,100 million dollars, while the amounts in dispute in the other cases are not public.

It is the largest number of simultaneous arbitrations that Mexico has faced since 1997, when it initiated the first of the 30 cases that have been registered so far.

The demands were promoted between 2015 and 2019 by large consortiums, such as the French satellite firm Eutelsat and the Singapore Pacc Offshore shipping company, and by smaller companies such as Vento Motorcycles, Dal Tile Corporation and Jinglong Donli Minera.

Also by individuals, including those who invested in the oil services firm Oro Negro and asking for 700 million dollars, and those who owned three boutique hotels in Tulum closed by the security forces in 2016, claiming 75 million Dollars.

Ask banks to compete

The President promised not to regulate bank fees and asked executives of the 51 banks gathered in Acapulco to compete to lower them.

“We are not going to promote from the executive any law that regulates or obliges the collection of fees, that is, that sets percentages in the collection of fees from banks, a commitment that we made and we will comply, because the commitment is fulfilled” , exposed at the closing ceremony of the 82nd Banking Convention.

At the end of last year, Morena raised in the Senate an initiative to eliminate more than 15 collections of this type.

The President said yesterday that he will respect the actions of the other powers.

“I clarify that we are in a new stage of respect for the powers, where there is autonomy of denunciation of the Legislative Power and of the States and municipalities, the rule of law is respected, I clarify this so that it does not think that there is a double discourse”, he added.

He stressed the importance of competition to achieve better services and reductions in commissions charged.

“That the banks regulate with the banks, with the competition that is key for the economy,” he said.

Source: nvinoticias

The Mazatlan Post

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