Investors Slam Costa Rica’s Claims In $95M Real Estate Row

Q COSTA RICA (by NatalieOlivo, Law360) U.S. investors who claim Costa Rica owes them more than us$95 million for shutting down their beachfront villa project have reiterated before a World Bank tribunal their contention that the Central American nation has failed to back up allegations the project involved construction on protected wetlands, in a letter obtained by Law360 on Thursday.
In the unpublished letter to the tribunal obtained by Law360, the investors again argued that Costa Rica has failed to support its allegations that the properties, referred to as the Las Olas project, contain protected wetlands that required a halt on construction. The investors, who have said the wetland claim was “unfounded and arbitrary,” are seeking US$95.4 million for the nixed project.
“The Las Olas project was

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