ICSID to Arbitrate Montevideo Port Container Movement Dispute
The International Center for Settlement of Investment Disputes (ICSID) of the World Bank will arbitrate a case involving Montecon shareholders and the Uruguayan state over container movement rights at Montevideo Port. Neltume Ports protests the exclusivity granted to TCP, operated by Katoen Natie, alleging a breach of free competition laws. Montecon seeks damages up to $600 million, citing violations of Investment Promotion and Protection treaties. President Lacalle Pou defends TCP investment for economic growth.