Montecon
Container terminal operator in the port of Montevideo; reported 2021 target of Black Cube surveillance
| Montecon S.A.
| |
|---|---|
| Type | Private |
| Headquarters | Port of Montevideo, Uruguay |
| Industry | Container handling; port operations |
| Parent | Neltume Ports (majority shareholder); ATCO (shareholder) |
Montecon is a container terminal operator in the port of Montevideo, Uruguay, working mainly from the port's public berths. It challenged the 2021 extension to 2081 of the concession held by its rival Katoen Natie, and its shareholders brought investment claims against Uruguay. In July 2026 Intelligence Online reported, citing a single source, that the Israeli private intelligence firm Black Cube had helped set up hidden cameras to film Montecon executives in 2021 for the Huts family of Katoen Natie.
Ownership and operations
Intelligence Online described Montecon as "owned through Canadian and Chilean partners" and operating "a separate section of the port of Montevideo".[1] Container News names the Chile-based Neltume Ports as its majority shareholder and ATCO as another shareholder, and says Montecon "operates primarily at Montevideo's public berths".[2] Uruguay's administrative court described it as working on the public berths under "permisos precarios" (precarious permits).[3]
Dispute over the Katoen Natie concession
In February 2021 the government of Luis Lacalle Pou agreed to extend the concession of Terminal Cuenca del Plata (TCP), the specialised container terminal 80 per cent owned by Katoen Natie, by 50 years to 2081.[4] Montecon challenged the effect of the arrangement on its business and on competition for container handling in the port.[2]
Administrative court
Montecon challenged decrees 114/021 and 115/021 in the Tribunal de lo Contencioso Administrativo (TCA). It argued that requiring container ships to berth first at TCP created a de facto monopoly. In February 2026 the court rejected that argument and upheld most of the decrees, including the extension to 2081, but annulled clause 3.5.4, a commitment by the state not to license new container terminals while TCP's contract ran. El País wrote that Montecon had failed to overturn TCP's berthing priority but had won the annulment of the bar on new operators.[3]
ICSID claims
In April 2024 Neltume Ports, acting for itself and Montecon, began arbitration against Uruguay at the International Centre for Settlement of Investment Disputes under the Uruguay–Chile investment agreement, seeking about US$600 million.[2][5] ATCO brought a separate claim.[6] By September 2026, according to Container News, Neltume had "irrevocably withdrawn its claims" under an agreement with the government; Uruguay paid no compensation and accepted no liability, and Neltume, Montecon and related companies undertook not to bring new proceedings on the same matters. The ATCO arbitration remained outstanding.[2]
Reported Black Cube surveillance (2021)
According to a source cited by Intelligence Online, in the first half of 2021 a member of the Huts family briefed Black Cube operatives in Mechelen, Belgium, about the threat Montecon posed. Montecon was "benefiting from the fury" around the licence extension, and Huts wanted leverage over the rival firm in case his position weakened further. A single source said Black Cube "helped set up hidden cameras to film Montecon executives in Montevideo". The publication said it was unclear what information was useful to the client, or whether Black Cube learned in advance of the shareholders' plans to bring the arbitration claim.[1] No court or official body has confirmed the account. Black Cube's reply to Intelligence Online, through an English law firm, cited client confidentiality and denied conducting political investigations in Uruguay. The article does not report a response from Montecon.[1] Full detail is on Black Cube in Uruguay.
See also
Notes
- ↑ 1.0 1.1 1.2 Matt Bernardini and Michael Sweeney, Black Cube, business and politics in Latin America, Intelligence Online, 15 July 2026.
- ↑ 2.0 2.1 2.2 2.3 Uruguay ends $600 million Montecon-linked arbitration, Container News, 8 September 2026.
- ↑ 3.0 3.1 TCA avala el acuerdo del gobierno de Lacalle Pou con Katoen Natie, aunque descarta compromiso de no competencia (TCA upholds the Lacalle Pou government's agreement with Katoen Natie but strikes down the non-compete commitment), El País (Uruguay), 3 February 2026.
- ↑ Presidency of the Republic of Uruguay, Resolución CM/433 (Council of Ministers resolution approving the agreement with the Katoen Natie companies), 21 April 2021.
- ↑ UNCTAD Investment Dispute Settlement Navigator, Neltume Ports v. Uruguay (ICSID Case No. ARB/24/14).
- ↑ UNCTAD Investment Dispute Settlement Navigator, ATCO v. Uruguay (ICSID Case No. ARB/24/11).