Telefonica Mexico withdraws EUR 850 mln arbitration request - report

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Telecompaper | 7 May 2018

Telefonica Mexico withdraws EUR 850 mln arbitration request - report

Telefonica Mexico has withdrawn its arbitration claim against the Mexican government in which it had requested compensation amounting to around EUR 850 million after reaching an agreement with the country, reports El Economista. The demand for arbitration against Mexico was filed back in June 2012 before the International Centre for Settlement of Investment Disputes (ICSID), an agency of the World Bank, which states on its website that the proceedings are now concluded. The operator had requested compensation for the impact of the reduction in interconnection rates approved by former regulator Cofetel, which it said breached an agreement between Mexico and Spain, affecting the company’s ability to invest in the country.

source: Telecompaper