Fenosa 'getting ready to sue Nicaragua'
Spain's Unión Fenosa, the leading distributor of electricity in Nicaragua, is reported to be planning to sue the government for US$150 million in an international tribunal.
Tuesday, May 27, 2008
David Castillo, head of the Nicaraguan Energy Institute, said that talks with Fenosa had broken down at the end of last month over the price to be paid by the government toacquire a 16 percent stake in the company.
The Nicaraguan government is "playing with fire" in its disputes with two Spanish companies, Unión Fenosa and Grupo Barceló, warned José Escalante, president of the Spain-Nicaragua Chamber of Commerce.
The Nicaraguan government and Spain's Unión Fenosa closed a stormy chapter in their relationship with a deal in which the government is to take a 16 percent stake in Fenosa.
President Daniel Ortega of Nicaragua said Spain's Unión Fenosa is "practically declaring war on our country".
Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.
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