State of Guatemala unsuccessful in stopping Ferrovias lawsuit
Ciadi, based in Washington, rejected the request by the State of Guatemala to suspend the suit for $65 million that was presented by Ferrovias in 2007.
Tuesday, November 18, 2008
By rejecting the objection, the International Center for the Resolution of Investment Disputes (Ciadi) asserts that it has the jurisdiction to handle the case in which the RailRoad Development Corporation (RDC), the majority shareholder in Ferrovias, is suing the Government of Guatemala.
The firms Hyundai Corporation and Sha Yu have shown interest in acquiring a stake in the railroad business.
Representatives from the Korean companies Hyundai and Yoochang have announced an agreement with the current owner of the Railroad Development Corporation, and a total investment of $2,400 million.
It has been announced that as of December 15th the Tecún Uman San Marcos line will connect with the mexican Compañía de Ferrocarriles Chiapas-Mayab in order to transport cargo from Guatemala.
The Hispanic-Costa Rican Logistics Group presented a proposal today to the government to restart the cargo train service from the different ports to the Central Valley.
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