He mexican government must compensate with 270 million dollars to a group of investors Oro Negro Oil Services Integratorafter the failure of a Court of Canada that reversed the determination made by a panel in 2024.
In August 2024, the Arbitration Court that was established under the North American Free Trade Agreement (NAFTA) ruled that it did not have jurisdiction to resolve the claims presented by the plaintiffs and ordered them to pay in favor of Mexico 400 thousand dollars for arbitration expenses.
However, Black Gold He appealed the ruling and it was the Canadian Court that reversed the previous decision and asked Mexico to pay the $270 million to the partners of the Oro Negro drilling company, a decision that can no longer be appealed.
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The ruling of the appeal body admitted the claim that the arbitration panel did not want to analyze, under the argument that one of the panelists, the Chilean co-arbitrator Andrew Janadid not disclose his potential conflict of interest in the case, according to the page Global Arbitration Review.
The plaintiffs filed their complaint because they claimed that, in 2015, Pemex induced Perforadora Oro Negro to accept a reduction in leasing rates for five oil platforms. So in addition to the contracts not being respected, others were temporarily suspended.
They argued that in 2017 the Mexican oil company illegally terminated the contracts, even though they were still valid.
The investors of Black Gold They said that the modifications to the contracts occurred because they refused to bribing Pemex officialsin addition to the fact that preferential treatment began to be granted to competing firms.
The Oro Negro case is also known as Alicia Gracefor being one of the 27 investors affected along with Ampex Retirement Master Trust, Apple Oaks Partners, Brentwood Associates, Grupo Cambria and Axis Oil Services, among others.
This is the second case in the last week in which a ruling was made against Mexico. Last Wednesday, the United States Court of Appeals for the District of Columbia Circuit announced the ruling against Mexico and in favor of Lion Mexico Consolidated.
In this case, the Mexican government was ordered to pay 47 million dollars to Lion for failing to comply with investment protection.
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