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Panama cancels Finmeccanica radar deal after row

Thursday, February 25, 2016

The Panamanian government said it had agreed the cancellation of a $125 million radar contract with a subsidiary of Italy's Finmeccanica that had become mired in a dispute over alleged corruption.

After flagging suspected bribery and saying the radar equipment did not meet requirements, the government last year sought the approval of Panama's Supreme Court to cancel the contract with Finmeccanica unit Selex. The deal was signed in 2010 under former President Ricardo Martinelli.

Source: Reuters