NVDA Q3 Earnings Alert: Why our AI share picker is still holding Nvidia sharesRead More

Uber ready to take dispute with Colombia to international arbitration -regional manager

Published 03/02/2020, 18:44
© Reuters. Uber's logo is pictured at its office in Bogota
UBER
-

BOGOTA (Reuters) - Uber (N:UBER) has told the Colombian government it is considering taking its dispute with the Andean country to international arbitration, the company's general manager for Latin America told Reuters on Monday.

Citing violation of a trade deal with the United States for escalating the dispute, the ride-hailing firm said its initial calculations suggest damages from suspending its service in Colombia will exceed $250 million (192.3 million pounds).

Uber departed Colombia on Friday after a court in December ruled the company had violated competition rules and ordered it to cease operating. Prior to its departure, Uber said it had 2.3 million active users in Latin America's fourth-largest economy, as well as 88,000 drivers.

"We are considering this option as well as other legal recourses (in Colombia)," Uber's George Gordon said in a telephone interview.

He said Uber wants to return to Colombia but added that it was up to the government to find an outcome.

"We want to come back but it is a question of when and how," he said. "When? As soon as possible. How? That is up to the government. They could resolve it today if they wanted."

At Davos, President Ivan Duque told Reuters technology companies were welcome in Colombia, but said they had to operate on a level playing field.

In a statement, the company said Colombia's decision constituted censorship that went against freedom of expression online and internet neutrality, saying it had been unfairly treated.

"In contrast to the measures taken against Uber, other companies from Colombia and elsewhere have not been subject to the same treatment and continue operating in the country," Uber said. "This will allow our competitors to grow their market share in Colombia at Uber's expense."

Uber said Colombia's actions had failed to provide it with the same favorable treatment it grants other companies and that it had breached its obligations to U.S investors under the trade accord.

While it proceeds with the options available to it, Uber said its clear preference is to find a quick and friendly solution to the dispute.

© Reuters. Uber's logo is pictured at its office in Bogota

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.