US company accuses Mexico of expropriating its property on the Caribbean coast

An American quarry company says the Mexican government has carried out a de facto expropriation of its properties on Mexico's Caribbean coast

“The expropriation of land and the seaport belonging to our company is another escalation and another violation of Mexico's obligations under trade agreements,” the statement said. “This illegal measure will have a long-term paralyzing effect on trade and investment relations between Mexico and the United States."

Moreover, the decree comes after López Obrador's administration cut down tens of thousands of trees in a broad swath through native jungle to build a tourist train line not far from the stone quarries. In papers filed on the case in an international arbitration panel, Vulcan Materials valued the almost 6,000-acre property, located just south of the resort town of Playa del Carmen, at $1.9 billion.

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US company accuses Mexico of expropriating its property on the Caribbean coastAn American quarry company says the Mexican government has carried out a de-facto expropriation of its properties on Mexico's Caribbean coast.
Kilde: ksatnews - 🏆 442. / 53 Les mer »

US company accuses Mexico of expropriating its property on the Caribbean coastAn American quarry company says the Mexican government has carried out a de-facto expropriation of its properties on Mexico's Caribbean coast.
Kilde: wjxt4 - 🏆 246. / 63 Les mer »

US company accuses Mexico of expropriating its property on the Caribbean coastAn American quarry company says the Mexican government has carried out a de-facto expropriation of its properties on Mexico's Caribbean coast. The government issued a decree declaring the firm's seaport and quarries to be a natural protected area, in effect prohibiting the company's activities on its own land.
Kilde: AP - 🏆 728. / 51 Les mer »