- The Panama Canal Authority had won an arbitration ruling in Miami for $265m to be returned to it from the consortium.
- The GUPC consortium, which includes Spain’s Sacyr and Italy’s Impregilo International Infrastructures, no longer exists making the arbitration hard to enforce.
- The expansion of the Panama Canal was one of the largest engineering feats in Central America of the past decade, but the project was hit by cost overruns, delays, and leaks.
- Two further arbitrations relating to the project are still to be decided.
The Panama Canal Authority won an arbitration ruling for $265 million to be returned to it from the consortium that built a third set of locks for the key transoceanic waterway, reports Safety4sea.
The authority cited a decision from a Miami-based arbitration board it said was issued earlier on September 25.
GUPC consortium cease to exist
The GUPC consortium, which includes Spain’s Sacyr SA and Italy’s Impregilo International Infrastructures NV, no longer exists. Neither company could not be reached for comment.
- Initiated in 2015, the case centered on disputed cost overruns largely dealing with concrete quality.
- It marks the latest of three arbitration verdicts stemming from the canal’s expansion, completed four years ago and allowing the canal to handle bigger ships.
Two arbitration decisions covering separate disputes between the canal authority and GUPC remain unresolved.
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Source: Safety4sea
