US company accuses Mexico of expropriating its property on the Caribbean coast
An American quarry company says the Mexican government has carried out a de facto expropriation of its properties on Mexico's Caribbean coast
MEXICO CITY (AP) — An American quarry company said Tuesday the Mexican government carried out a de facto expropriation of its properties on Mexico’s Caribbean coast.
Mexico's Interior Department issued a decree late Monday declaring the firm’s seaport and quarries to be a natural protected area, in effect prohibiting the company’s activities on its own land.
President Andrés Manuel López Obrador had previously threatened to expropriate the property and later offered to buy it for about $385 million, saying at the time he wanted to turn it into a tourist attraction.
Alabama-based Vulcan Materials said in a statement Tuesday that the move violates the U.S.-Mexico-Canada free trade agreement. It said the measure formed part of “a series of threats and actions by the current administration against our operations.
