Ancla International, Colombian Craft Beer Pioneer, Files US$500 million Arbitration Claim against Equity Fund following AB InBev Deal.
Ancla Alleges Tribeca Asset Management Profited from AB InBev Acquisition of Bogota Beer Company with Stolen Trade Secrets.
MIAMI, April 26, 2016 /PRNewswire/ -- Colombian beer maker, Ancla International, S.A. has filed a petition for arbitration against Tribeca Asset Management in Miami-Dade County, Florida arguing that Tribeca's investment in Bogota Beer Company and subsequent sale to AB InBev last year violates an agreement.
"As set forth in the petition of arbitration, the confidentiality and non-compete agreement, which is governed by Florida law, prohibits Tribeca from disclosing Ancla's business plan and trade secrets to third parties," Ancla said in a statement. "In addition, the agreement prohibits Tribeca or any third party from using the information to compete against Ancla in the multi-billion dollar Colombian beer market."
Ancla is the pioneer of the craft beer business in Colombia's beer industry. The company was founded several decades ago by Hernando Ramirez.
According to the Petition, Tribeca's representative, Diego Palacio, Colombia's former Minister of Social Welfare, approached Ancla about Tribeca investing in Ancla. Mr. Palacio, who is currently imprisoned after being convicted of corruption charges related with the highly controversial reelection of former Colombian president, Alvaro Uribe, pressed Ancla for details about its expansion plans.
Under the protection afforded by the agreement, which was edited by Tribeca's own chief legal officer, Ancla provided Tribeca with its business plan and trade secrets concerning its expansion plans. In addition, Ancla spoke at length to Tribeca executives concerning its business plan.
Tribeca abruptly discontinued negotiations with Ancla under the ruse that a new Arab associate would not allow Tribeca to invest in the alcoholic beverage industry. Several months later, however, Tribeca acquired a significant stake in Bogota Beer Company--Ancla's direct competitor. The petition alleges that after Tribeca misappropriated Ancla's business plan, Tribeca used the plan as the foundation to expand the BBC brand for the purpose of making it an attractive acquisition target. Last year, AB Inbev acquired BBC for an undisclosed sum.
This is a textbook example of stealing the other team's playbook and using it against them on the playing field; it's industrial espionage at its worst" said Ancla's attorney Santiago A. Cueto of the Cueto International Law Group in Miami, Florida ([email protected]). Ancla International S.A., v. Tribeca Asset Management, Case No: 2015-026465-CA-01, Miami-Dade County, FL Circuit Court.
SOURCE Ancla International, S.A.
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