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Panama Canal wins $193 million arbitration over payments

Tuesday, August 1, 2017


The head of the Panama Canal Authority said on Monday a Miami-based arbitration board rejected a demand by Spanish-led GUPC consortium for $192.8 million to cover cost overruns during the building of a third set of locks for the century-old waterway.

GUPC or Grupo Unidos por el Canal includes Sacyrof Spain, Impregilo of Italy, Jan De Nul of Belgium and Constructora Urbana of Panama.
The authority's chief executive, Jorge Quijano, announced the ruling in a post on his Facebook page.

Source: Reuters