Foreign investors' rights upheld by Federal Courts

The Spanish Group Fomento de Contratas y Construcciones SA (FCC) has successfully obtained a ruling against the decision of the authorities of the City of Avellaneda to call a tender for the collection of refuse. The city authorities planned to issue a request for a proposal containing certain clauses that would have precluded FCC and other foreign bidders from making a tender offer. The ruling was handed down by the Federal Court sitting in La Plata, Buenos Aires.