Translation provided by JIGGSLAW®. The halt of operations of JLL Capital’s subsidiary in Honduras lies at the heart of the arbitration filed by this Mexican consulting firm against Honduras in mid-February. According to media reports, $380 million is roughly the requested amount.
According to new details of the investment arbitration filed by JLL Capit4al’s Mexican branch, a real estate and investment management services consulting company, against Honduras before the International Centre for the Settlement of Investment Disputes (ICSID) on 13 February 2023, whose General Secretary has already registered claimants’ arbitrator nomination, the Italian-Argentinian Christian Albanesi.
According to Reuters (see “Exclusive: Mexican firm seeks $380 million from Honduras over blocked unit”, Valentine Hilaire, 14.04.2023), JLL Capital, whose business has been halted in Honduras since 2018 due to a local dispute, claims some $380 million because Honduras has breached the guarantees for foreign investment.
The dispute began in January 2017, when JLL sought greater control over its subsidiary CA Capital. The Mexican company denounced the illegal appointment of a manager and irregularities in its shareholder board which breached its legal rights and announced $380 million in losses.
JLL Capital invokes a breach of the Free Trade Treat between Mexico, Costa Rica, El Salvador, Guatemala, Honduras, and Nicaragua.
