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Investment - Mexico - Neutral, clause closer to becoming law
Mexico,DF,MEX -El Universal, by RICARDO CASTILLO MIRELES/The Miami Herald -April 20, 2006: -- 14-year struggle to revamp the "neutral investment" clause within the Foreign Investment Law may be nearing an end as the Senate sent a reform initiative to the Chamber of Deputies to define the limitations of this type of foreign investment... When the original law was enacted in 1992, cries of foul play were heard from the transportation lobby. They asserted that it effectively allowed U.S. carriers to acquire what the National Cargo Carriers Chamber (Canacar) called "ghost companies." Canacar alleges that these companies were purchased via frontmen (Mexicans acting as investors), but were actually illegally bought by U.S. investors... The so-called "ghost companies" quickly became leading competitors in the transport sector and Canacar began voicing complaints that the spirit of the law was being violated. They soon began to lobby Congress to reform the law... One of the most notorious companies was Transportes Easo owned by Alberto Anchustegui. In 1992 he owned 20 rickety rigs but soon commanded a fleet of nearly 1,000 new trucks...
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