PANAMA CITY, Jan 1 (Reuters) – The Panama Canal Authority (ACP) said on Thursday a local board of arbitration partially upheld a complaint by cost overruns international consortium building the third set of locks on the waterway, which would force the company to pay 233 million dollars.
The demand is part of a series of claims for cost overruns of Grupo Unidos por el Canal de Panama (GUPC) – led by the Spanish Sacyr by the Italian Salini Impregilo and Jan de Nul of Belgium-which already reach 2,300 million .
The ACP explained in a statement that the partial failure of the joint Arbitration is on a claim for $ 463 million in cost overruns related to concrete mixtures and basalt used in the construction of the locks.
“In this instance there is a partial recognition in both directions, it behooves us to do a thorough technical and legal analysis of this decision to take the step that suits the interests of the Canal “said Panama Canal Administrator Jorge Luis Quijano, said in the statement.
Both the ACP and the consortium still have the option to appeal the ruling to international trade tribunals.
Meanwhile, the consortium said in a statement that the resolution corresponds to claims filed more than one related to poor quality of materials and the delay in approving the ACP year ago mix concrete.
In addition, the failure gives the consortium a contract extension of six months.
Last year, GUPC paralyzed works in the locks for a claim of 1,600 million dollars the ACP refused to pay out of contract, but finally reached an agreement in March to continue the work.
The construction of the locks is advanced by 80 percent and the ACP expected to be delivered by the consortium in January 2016 start commercial operations in the first quarter of this year. (Reporting by Elida Moreno, edited by Gabriela Lopez)
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