- ICSID tribunal considers whether mortgages and promissory notes qualify as investments (Lion Mexico v Mexico)
- What did the tribunal decide?
Law360: An International Centre for the Settlement of Investment Disputes (ICSID) tribunal issued a decision on jurisdiction in respect of a Canadian lender's claim against Mexico, now worth more than $US 74 million, over the allegedly unlawful cancellation of defaulted loans for certain real estate development projects in Mexico. The tribunal in the Additional Facility arbitration decided that mortgages granted in the claimant investor’s favour in respect of the projects amounted to qualifying investments under the North American Free Trade Agreement (NAFTA), whereas the issue of promissory notes to the investor did not.
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