MarineMax is considering taking legal action after the Mexican Navy ‘seized’ the assets of Cabo Marina.
In a regulatory filing statement, Michael McLamb, MarineMax executive vice president, chief financial officer and secretary, states that on April 11 2024, the General Directorate of Ports of Mexico seized the marina’s assets without any notice or warning.
A sanctioning procedure was initiated.
On the same day, the Administration of the National Port System for Los Cabos (ASIPONA) rejected Cabo Marina’s application which had been filed on March 21 2024 for a new concession regarding the Port of Cabo San Lucas.
“The General Directorate of Ports and ASIPONA subsequently forced Cabo Marina to cease operations and the ASIPONA took control of the Port of Cabo San Lucas,” said the statement.
“Cabo Marina has operated the marina in Cabo San Lucas for more than 20 years and was actively processing a new concession agreement in good faith when ASIPONA and the Mexican Navy took possession of the port.”
MarineMax says it believes the takeover of Cabo Marina’s facilities is illegal and that the alleged violations underlying the sanction proceedings against Cabo Marina are illegitimate. “The Company has engaged Mexican and U.S. Government officials to resolve the dispute and may resort to legal action to enforce its rights if diplomatic efforts fail,” the statement continued.
MarineMax says the marina accounts for less than 4% of its total assets and less than 1% of total revenues in its consolidated financial statements – for the year ended September 30 2023.
The marina is a subsidiary of IGY Marinas, a wholly owned subsidiary of MarineMax.
Local press reports that marina operations have resumed.
