IPA Terminal Starts Arbitration Against LOGISTEC Over Purchase Agreement

IPA Terminal has commenced arbitration proceedings to prevent LOGISTEC from backing out of a signed purchase agreement. The sellers, identified as Christian Hess Ratz, Jurgen Hess Ratz, and Steel Connect, B.V. (collectively, the "Sellers"), accuse LOGISTEC of breaching the contract.

The dispute centers on the acquisition of IPA Terminal. The Sellers contend that LOGISTEC is using sanctions, supported by the Mexican and Canadian governments, as a pretext to withdraw from the deal. Arbitration will be conducted under the rules of the United Nations Commission on International Trade Law (UNCITRAL).

The Sellers are seeking specific performance of the agreement and damages resulting from LOGISTEC's alleged breach. They highlight that the transaction received backing from both the Mexican and Canadian governments, raising questions about the validity of LOGISTEC's sanctions-related claims.

This legal action signifies a significant disagreement over the terms and execution of the acquisition. The outcome of the arbitration will determine the future of the IPA Terminal purchase and potentially involve substantial financial repercussions for the involved parties.