Mexico wins international arbitration for over $2.1 billion. The ruling, issued on March 26, 2026, by the International Centre for Settlement of Investment Disputes (ICSID), fully rejected the claims of Espíritu Santo Holdings LP and L1bre Holding LLC. The Ministry of Economy reported that the arbitral tribunal determined that the Mexican state did not breach its international obligations under the North American Free Trade Agreement (NAFTA). The dispute originated in May 2020, when the claimants argued that their digital taxi meter project in Mexico City failed due to alleged acts of authorities between 2016 and 2018. They also stated that the local government may have attempted to appropriate the technology linked to the project, leading to a economic claim exceeding $2.1 billion against the Mexican state. The ICSID concluded that there was no evidence to support the companies' accusations and ruled that the project's failure was not attributable to the state's actions. According to the award, it was not demonstrated that Mexico had harmed the claimants' investments, and conversely, it was established that the project's outcome was due to the companies' own decisions. In addition to dismissing the claim, the tribunal ruled that the companies must bear the costs and expenses associated with the arbitration process in favor of the Mexican state. This result represents a significant precedent for the country's legal defense in international investment disputes. The final document is under review to determine the information that can be made public.
