Tocumen left with no funds to finance expansion
TOCUMEN, SA, the “Hub of Latin America” has insufficient funds for to pay the $769 million tab for the construction of the South Terminal, in the hands of the Brazilian company Norberto Odebrecht.
Audits run by the new administration to discover the state of finances of the airport showed that there was an increase in spending, combined with poor planning for the sale of duty free commercial spaces that will be installed on the new building reports La Prensa.
“We have payments to be made to Odebrecht for 2014 and 2015,” said Joseph Fidanque III, manager of Tocumen, SA .
The duty free areas of the South Terminal, which would produce revenues of more than $500 million, still cannot be sold because the new building will not be ready until 2017, he said.
“It was badly budgeted by Tocumen SA., thinking it would have that money in the short term,” he said.
The financing gap shows that nine months after Tocumen, SA placed a bond issue for $650 million,, funds that would be used to finance the expansion of the airport,just $200 million was raised on the stock market leaving $569 million outstanding to pay for the work.
Another factor that has limited the financial capacity of Tocumen, SA, according to his current manager, is that the previous administration gave trade concessions without bidding.
In the administration of former president Ricardo Martinelli, Tocumen SA ., regulations were modified and tender invitations wer ecreated, which allowed bypassing PanamáCompra.
INFORMATION ACCESS
Panama’s Supreme Court has ordered the Tocumen International Airportto allow La Prensa to see the contract between the public company and Aerotop Consortium for managing advertising at the airport. In July 2013, La Prensa made a request for information on the contract to the airport authority, n charge at the time of Juan Carlos Pino, The request was based on Law 6 of January 22, 2002, “dictating standards for transparency in public managemen
Like most public institutions during the government of Ricardo Martinelli, says La Prensa, Tocumen, SA information was not provided to the newspaper on the grounds that it was a private contract between the parties and that the consent of Aerotop Consortium was needed. This however, was rejected by the judges of the Court Tocumen left with no funds to finance expansion
TOCUMEN, SA, the “Hub of Latin America” has insufficient funds for to pay the $769 million tab for the construction of the South Terminal, in the hands of the Brazilian company Norberto Odebrecht.
Audits run by the new administration to discover the state of finances of the airport showed that there was an increase in spending, combined with poor planning for the sale of duty free commercial spaces that will be installed on the new building reports La Prensa.
“We have payments to be made to Odebrecht gor 2014 and 2015,” said Joseph Fidanque III, manager of Tocumen, SA .
The duty free areas of the South Terminal, which would produce revenues of more than $ 500 million, still cannot be sold because the new building will not be ready until 2017, he said.
“It was badly budgeted by Tocumen, SA thinking it would have that money in the short term,” he said.
The financing gap was revealed that nine months after Tocumen, SA placed a bond issue for $650 million, funds that would be used to finance the expansion of the airport. Just $200 million was raised on the stock market leaving $569 million outstanding to pay for the work.
Another factor that has limited financial capacity of Tocumen, SA, according to his current manager, is that the previous administration gave trade concessions without bidding.
In the administration of former president Ricardo Martinelli Tocumen, SA regulations weremodified and the of tender invitations weecreated, which allowed bypassing PanamáCompra.
Under this scheme, contracts went to companies owned by those close to Martinelli’s “zero circle” To comply with Odebrecht, Tocumen, SA analyzes for external financing and renegotiating contracts in which the companies did not pay right key.
JUDGMENT OF THE COURT OBLIGED TO PROVIDE INFORMATION
INFORMATION ACCESS
Panama’s Supreme Court has ordered the Tocumen International Airportto allow La Prensa to see the contract between the public company and Aerotop Consortium for managingf advertising at the airport. In July 2013, La Prensa made a request for information on the contract to the airport authority, n charge at the time of Juan Carlos Pino, The request was based on Law 6 of January 22, 2002, “dictating standards for transparency in public managemen
Like most public institutions during the government of Ricardo Martinelli, says La Prensa, Tocumen, SA information was not provided to the newspaper on the grounds that it was a private contract between the parties and that the consent of Aerotop Consortium was needed. This however, was rejected by the judges of the Court
