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Cost Overruns in the Canal Expansion Project Lead to Claims, Counterclaims, Lawsuits, and Arbitration
Keith Woolford posted a topic in Panama Canal (Non-Energy Related)Grupo Unidos por el Canal claims $3.5 billion in cost overruns The consortium Grupo Unidos por el Canal (GUPC) delivered the completed third set of locks to the Panama Canal Authority (ACP) on June 25. But it also submitted something else, a $3.5 billion bill for additional costs. The claims exceed the value of the original contract, which was awarded to the consortium in 2009 for $3.1 billion. There are $569 million in claims pending before a conflict resolution board and $527 million pending before an international arbitration panel, the final step in the claims process. The ACP so far has paid the consortium the original $3.1 billion, plus an additional $364 million in additional costs it has recognized as valid. The rest of the claims are yet to be submitted to the conflict resolution board or they are still being considered by the ACP. http://www.prensa.com/in_english/ruta-reclamos-Canal_21_4535006455.html
Keith Woolford posted a topic in Safety and Security; Police, Bomberos, SINAPROC Notices and Actions, etc.The DOJ in New York announced today the arrests of two men suspected of plotting terrorist activities in the area of the Panama Canal. For it's part, the Canal Authority is offering reassurances that vigilance and security remain top priority. http://www.telemetro.com/nacionales/Autoridad-Canal-Panama-pronuncia-EEUU_0_1033697722.html