Nicaragua government abandons lawsuit against Spanish Barceló Group

The action was withdrawn within an agreement of understanding that Nicaragua attorney, Hernán Estrada, and general director of Barceló Group for Central and South America, Juan Ribas, signed in Managua.

The agreement concludes a us$ 30 million lawsuit that the government promoted in 2008 against Barceló before the International Center for the Arrangement of Differences Related to Investments (CIADI), in Washington, for infringement of a purchase and sale contract of Montelimar hotel, signed in 1993.

The General Attorney's Office claimed commissions for the winnings that the group obtained from 1,996, according to the occupancy rates of the inhabitants.

Last Friday, the government acknowledged to have reached the conclusion that the "acquisition of the complex from Barcelo group was legally performed and there are no pending commitments with the State of Nicaragua".

That’s why Nicaragua "abandons the legal actions against Barcelo group" and commits to protect its investments in the country, the agreement indicates. The Spanish consortium commited to build up, with the government of Daniel Ortega, a mixed society to boost touristic projects, among them, the construction of an international airport in the coastal zone where the hotel complex is located.