Barceló seeks international arbitration in its dispute with Nicaragua
The Spanish consortium Barceló, owner of Hotel Montelimar in Managua, wants to resolve its differences with the government through international arbitration.
Wednesday, June 18, 2008
The government, through its Justice Department, insists that Barceló owes three million dollars for commitments made in its privatization contract.
Nicaragua's Attorney-General's department advised that it has started a legal process to bring about the return of the Montelimar tourist complex, due to alleged non-fulfillment of the contract.
Spain's ambassador to Nicaragua, Antonio Pérez Hernández, voiced concern over the government's decision to impose a preventive embargo on the Spanish-owned hotel Barceló Playa Montelimar Resort & Casino.
The state of Nicaragua is suing Grupo Barceló for 30 million dollars, in a process that will go for arbitration before the International Center for Settling Differences Relative to Investments.
After a year of negotiations, the government of Nicaragua decided to drop its lawsuit against the Spanish consortium.
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