October 2, 2015 / 11:57 PM / 3 years ago

Panama court upholds order for seizure of Slim assets: document

PANAMA CITY (Reuters) - Panama’s top court threw out an injunction bid by an infrastructure firm owned by Mexican billionaire Carlos Slim, upholding an asset seizure order in a dispute over a power plant, court documents provided by his opponent showed.

Mexican tycoon Carlos Slim speaks during a meeting with Nicaraguan businessmen in Managua, Nicaragua, September 10, 2015. REUTER/Oswaldo Rivas

The Panama unit of Slim’s Ideal SAB de CV has been in a legal battle with Panamanian businessman Julio Cesar Lisac for several years over the ownership of a concession to operate the Bajo de Mina hydroelectric plant.

According to documents provided to Reuters by Lisac on Friday, the latest ruling by Panama’s Supreme Court, dated Aug. 31, threw out an injunction granted by a lower court, upholding a seizure order from November.

The court did not respond to a request for comment.

The plant concession was first granted to Lisac in 2006, but authorities revoked it and awarded it to Slim. A 2010 Supreme Court ruling in favor of Lisac was never executed.

A spokesman for Slim’s Ideal did not immediately respond to a request for comment.

Reporting by Elida Moreno; Writing by Christine Murray; Editing by Lisa Shumaker

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