Honduras Próspera, Inc. will initiate international arbitration proceedings to protect its investments and acquired rights.
By Próspera Team2 min read
Tegucigalpa, Honduras, December 15, 2022. Honduras Próspera, Inc. through its CEO, Erick Brimen, its negotiating team from Dentons Muñoz Zacapa and a representative of the workers at Próspera, Virginia Mann, held a press conference this Thursday, December 15 in Tegucigalpa.
At the press conference, representatives of Honduras Próspera detailed that on December 1, 2022, the Government of Honduras declined to accept a proposal to resolve differences through a mediation process before the International Centre for Settlement of Investment Disputes (ICSID). Previously, Honduras Prospera had requested the Government of Honduras to confirm respect for the guarantees of legal stability granted to investors and residents of Prospera ZEDE, sending multiple letters requesting responses from the Presidency of the Republic, the Ministry of Economic Development or the Attorney General's Office, which were never formally answered.
In the absence of responses, Honduras Próspera had invited the Government of Honduras to participate in the consultation and negotiation process mandated by CAFTA-DR, but the Honduran Government refrained from participating. In view of the Honduran Government's refusal to confirm respect for the guarantees of legal stability granted through the ZEDE regime and by virtue of a series of detrimental acts and statements made by Honduran Government officials, Honduras Próspera, Inc. has been forced to file an international arbitration claim to enforce its rights and protect its investments.
Erick Brimen, CEO of Honduras Próspera stated that their interest has always been to reach an agreement with the Government of Honduras “Our position has been respectful and reasonable, requesting only the usual guarantee of non-disclosure so that both parties can speak frankly and find solutions. Our desire is to continue attracting investments to Honduras and to continue generating employment in Roatan and La Ceiba, but the Government must respect the guarantees of legal stability granted to us by the laws of Honduras”.
Virginia Mann said, “There are mothers and fathers who now have jobs in my community, Crawfish Rock, because Prospera is providing jobs. The children have school and I see the women happy to work at Prospera. It can't be that the government makes decisions that affect my community and can't come to an agreement or provide security to preserve our jobs.”
“Where are the graduating students going to go to work if all the places are full?” questioned Virginia Mann. “I am happy I am with my family, we have jobs, so I want to stay living in my community and with a job,” she pointed out.
Honduras Próspera, Inc. confirmed that, as long as the Honduran government allows it, it will continue to bet on Honduras and will continue with its investments and development projects that today employ more than 1,100 people and have allowed the establishment of 120 new companies through the special regime of Próspera ZEDE.
For more information, please contact medios@prospera.hn.