Toxic Shock.METALCLAD CORP. HAS GONE RADIOACTIVE over what the company calls unfair treatment by the Mexican state government of San Luis Potosi San Lu·is Po·to·sí A city of central Mexico northeast of León. It was founded in the late 1500s and is a mining, transportation, and industrial center. Population: 659,000. Noun 1. . The U.S. hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. handler A software routine that performs a particular task. It often refers to a routine that "handles" an exception of some kind, such as an error, but it can refer to mainstream processes as well. The term is typically used in operating systems and other system software. plans to pull out of Mexico after Potosi officials prevented the company from opening a US$22 million wastewater treatment plant Wastewater treatment plant also called wastewater treatment works
Company officials say government officials violated several provisions of the North American Free Trade Agreement North American Free Trade Agreement (NAFTA), accord establishing a free-trade zone in North America; it was signed in 1992 by Canada, Mexico, and the United States and took effect on Jan. 1, 1994. . "In taking these actions, [Metalclad] is confirming the sentiments of many of its shareholders who have lost all confidence in Mexico's ability to protect foreign investment in this market sector:" according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a company statement. "Many investors now question whether the procedures under Nafta, which have now been underway for more than two and a half years, will work to protect their investment. San Luis Potosi representatives have not issued any response to Metalclad's decision, but Mexican officials with the Environment, Natural Resources and Fishing Ministry have said they remain open to foreign investment in the hazardous waste industry. A lawsuit filed under NAFTA provisions, the first of its kind, is scheduled to be heard by the Center for the Settlement of Investment Disputes in July Metalclad is seeking $90 million in damages. The company is considering a second claim against the San Luis Potosi government and expects to sell its Mexican operations by the end of the year. |
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