Terra Towers, Corp. has circulated a response press release following an announcement made by Peppertree Capital Management related to an arbitration award in the long-running dispute over the control of Continental Towers, a portfolio of telecom properties across numerous Latin American countries.
Apparently, Peppertree violated a federal court by issuing the press release, Terra argues, and then shares further detail that appears to indicate that the arbitration panel is attempting to order actions involving an imprisoned executive, Jorge Gaitan, which would represent a crime in Guatemala.
It is highly unusual for a panel under the auspices of the American Arbitration Association/International Centre for Dispute Resolution to appear to endorse an accused criminal currently being held in prison, and seek to force him into control of the company – however this dispute has featured a series of back-and-forth accusations, including allegations of bias by the arbitration panel.
The statement reads:
The management of Terra Towers, Corp. has become aware that the Peppertree Capital Management, Inc. (“Peppertree”) has issued a press release through their legal representatives UB Greensfelder dated March 27, 2025 which stands in direct violation of federal court orders issued in New York, the arbitral procedural orders, and the agreements among parties.
In compliance with these orders and procedure, Terra Towers is unable at this time to directly address the inaccuracies and false claims being communicated by Peppertree in violation of the court.
Terra Towers is deeply committed to abiding to all its legal obligations related to this dispute and to avoid any breach of criminal laws.
As has been reported on public record, throughout the dispute there have already been a long series of criminal investigations, some of which have resulted in indictments and arrest warrants issued against several individuals in several jurisdictions.
Interpol was requested to detain these individuals, including Mr. Jorge Gaitan Castro, a former executive in Continental Towers. Following his arrest at the request of the authorities of El Salvador, the courts in Guatemala are currently going through the extradition process, and there is also a separate arrest order from Guatemalan courts for other criminal investigations.
There have also been rulings by the Supreme Court of El Salvador related to this dispute, and Terra Towers remains committed to abiding to all court orders.
These criminal investigations, indictments, and arrests are being carried out by the relevant prosecutorial authorities and attorneys general in the respective jurisdictions. Attempts by parties to portray the detention of Mr. Gaitan as a civil matter are misleading and factually incorrect.
In recognition of the court orders in the United States, Guatemala, and El Salvador, Terra Towers remains fully committed to upholding and complying with its legal obligations concerning the matter referenced by Peppertree in their press release.
