Panama Canal to fight arbitration award

The Panama Canal Authority, ACP, will challenge an arbitrator's finding that it must pay $233 million to the consortium at work on the expansion of the inter-oceanic waterway, a senior administrator said.

"We will issue a note of dissatisfaction with that judgment and we will study the possibility of appealing it," ACP Executive Vice President Ilya Marotta said.

The Dispute Adjudication Board, the second level of arbitration established to solve contractual disputes between the ACP and the GUPC consortium, said in its December 31 resolution that canal administrators "unfairly" manipulated the contract to avoid the consequences of their negligence.

Source: Efe