Business

Mexico's America Movil says loses tribunal ruling against Colombia

World Bank's ICSID tribunal has ruled against the company and ordered it to pay $2.2 million to cover the costs of the case

Reuters

08.May.2021 11:19 BRT

America Movil said in 2017 that it had complied with a Colombian arbitration ruling ordering it to pay the government $1.08 billion;
The ICSID tribunal ruled that measures taken by Colombia’s government in 2013 “did not represent an expropriation” of America Movil’s investments in its subsidiary, Comunicación Celular (COMCEL).

America Movil on Friday said the World Bank‘s International Centre for Settlement of Investor Disputes (ICSID) tribunal has ruled against the company in its dispute with Colombia and ordered it to pay $2.2 million to cover the costs of the case.

The ICSID tribunal ruled that measures taken by Colombia‘s government in 2013 “did not represent an expropriation” of America Movil’s investments in its subsidiary, Comunicación Celular (COMCEL), the Mexican company said in a statement.

Mexican billionaire Carlos Slim‘s America Movil said in 2017 that it had complied with a Colombian arbitration ruling ordering it to pay the government $1.08 billion over COMCEL, but that it would continue to challenge the arbitration award.