Photo: Panama Canal Authority
PANAMA CITY (Reuters) – A dispute resolution board dismissed a $100 million complaint for cost overruns by the consortium that built the third set of Panama Canal locks, part of a $5.4 billion expansion completed in June, the waterway authority said on Friday.
The Panama Canal Authority said in a statement that the board rejected a complaint last month asking the authority to cover cost overruns by Grupo Unidos Por el Canal (GUPC), a consortium led by Spain’s Sacyr and Italy’s Impregilo .
The board is comprised of members of the Panama Canal Authority and the consortium.
The complaint was presented by the consortium for “unforeseeable physical conditions” which it said contributed to more than $3.5 billion in cost overruns.
The consortium will likely appeal the decision with an international court of arbitration in Miami.
A representative of GUPC in Panama could not be immediately reached for comment. (Reporting by Elida Moreno; Writing by Natalie Schachar; editing by Grant McCool)
(c) Copyright Thomson Reuters 2016.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 109,792 members that receive our newsletter.
Have a news tip? Let us know.
By Wladimir Pantaleone and Angelo Amante PALERMO, Italy, Dec 20 (Reuters) – Acourt on Friday acquitted Italian Deputy Prime Minister Matteo Salvini of charges of kidnapping over 100 migrants aboard a boat he had...
Denmark has rejected a Japanese request to extradite anti-whaling activist Paul Watson over criminal charges dating back more than a decade, a Danish lawyer representing Watson said on Tuesday.
A 37-year-old crew member was saved after spending three harrowing days adrift at sea following alleged abuse aboard a fishing vessel. Afif Efendy, a crew member of the fishing vessel...
Maritime and offshore news trusted by our 109,792 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
