Mexico says ICSID tribunal dismisses $2.7 bln Access Business Group claim for lack of jurisdiction

MEXICO CITY, Nov 24 (Reuters) - An international arbitration tribunal dismissed a $2.7 billion claim against Mexico by Access Business Group, ruling it lacked jurisdiction to hear the investment dispute, Mexico's Ministry of Economy said on Monday.

• The International Centre for Settlement of Investment Disputes (ICSID) concluded on November 21 that the challenged measures occurred more than two years after NAFTA's termination and therefore could not constitute violations of obligations no longer in force.

• Access Business claimed its subsidiary Nutrilite in 1992 and 1994 acquired land in Jalisco that Mexico later allegedly expropriated.

• The company said Mexico's agrarian ministry transferred the property to an ejido, a communal landholding, in July 2022.

• The tribunal dismissed the case in its entirety and ordered Access to pay Mexico about $1.3 million in arbitration costs.

• Access filed its claim under NAFTA and the USMCA in April 2023 with ICSID, a World Bank institution.

• The award is being reviewed for confidential information before publication on the ICSID website, the ministry said in a statement.