Asia Broadband Inc (AABB)

[alidare]

So now the Mexican Nationals are in control of the company.


https://resourcehub.bakermckenzie.com/en/resources/global-mining-guide/latin-america/mexico/topics/global-mining-guide

Restrictions on foreign investment
The Foreign Investment Law allows full foreign participation in mining activities. Foreign investors may wholly own Mexican mining companies. *****No authorization is required from any governmental authority.*****

In Mexico, Mining Concessions over ore deposits may be granted only to Mexican nationals, Mexican companies, ejidos (land granted by the government to individuals for agricultural and ranching purposes), agrarian communities, townships and indigenous communities. In the case of companies, they must be domiciled in Mexico, and their bylaws shall cover the exploration or exploitation of minerals and substances subject to the Mining Law. Foreign participation in the ownership of such companies must comply with provisions of the Foreign Investment Law, which currently does not impose any limitations with respect to mining, except for radioactive materials.

In addition, the Constitution provides that *****only Mexicans by birth and Mexican companies are entitled to obtain Mining Concessions, ***** but the Mexican Government may grant such concessions to foreigners upon condition, since foreigners must agree before the Ministry of Foreign Relations to consider themselves nationals with respect to such concessions, and not to invoke the protection of their governments in relation to such concessions, upon penalty of losing the concession to the Mexican Government for breaching this agreement. Accordingly, the Foreign Investment Law provides that the authorization from the Mexican Government for the acquisition of a mining concession must be deemed granted should the Ministry of Foreign Affairs not publish its rejection in the Mexican Federal Official Gazette, within five business days following the submission date of the concession claim/application.