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Slim's Ideal says Panama seizure is unlawful

Tuesday, November 25, 2014

Mexican billionaire Carlos Slim's infrastructure firm Ideal said a seizure order by a Panamanian court targeting some of its assets was unlawful.

The order stemmed from a legal battle over the ownership of a concession to operate the Bajo de Mina hydroelectric plant in the Central American country.

The plant concession was first granted to Panamanian businessman Julio Cesar Lisac in 2006, but authorities revoked it and awarded it to Slim.

Source: Reuters