Mexico Pays Corn Products $58M NAFTA Award

By Hilary Russ (January 26, 2011, 1:28 PM EST) -- Corn Products International Inc. said Wednesday it had received $58.4 million from Mexico's government more than a year after the Illinois-based ingredient supplier won the award in a North American Free Trade Agreement dispute over taxes.

The company received the payments on Tuesday pursuant to the award rendered by a NAFTA Chapter 11 tribunal in August 2009, the company said.

Corn Products had agreed to terminate litigation still pending after the award, and to waive post-award interest costs in order to prompt Mexico to make the payment, the company said.

In a claim submitted to arbitration in 2003 under NAFTA's investment...

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