The NAFTA Case
Odyssey has filed a NAFTA Claim to protect its rights and defend shareholder value.
In 2019, Odyssey filed a Notice of Intention (NOI) to file a claim against Mexico under Chapter XI of the North American Free Trade Agreement (NAFTA). Late that year the company filed a Notice of Arbitration (NOA) in the case.
On September 4, 2020, Odyssey filed the First Memorial in the case brought against Mexico under NAFTA on its behalf and on behalf of subsidiary Exploraciones Oceánicas (ExO), alleging that Mexico wrongfully denied environmental approval of the ExO Phosphate project in breach of NAFTA. Odyssey seeks damages of more than $2.3 billion including interest from April 2016 to the date of the First Memorial’s submission.
The hearing is scheduled to take place in January 2022.
Odyssey's First Memorial
The First Memorial filing is supported by documentary evidence and 20 expert reports and witness statements. In summary, this evidence includes:
Violated the Minimum Standard of Treatment;
Indirectly expropriated the investment; and
Treated the investment less favorably than it treated domestic investors.