Canal expansion delay threat to Panamanians

PANAMA’S Chamber of Commerce has voiced is  support for the Panama Canal Authority (ACP) in  its troubled dealings with the  tab already over  billion dollars above the original contract with threats of further delays and  accusations  of inflated prices.

Last week the Board of Conflict Resolution ordered the ACP to pay $17.5 million to GUPC, while at the same time criticizing the consortium for “artificially inflating” its claims.

“We reiterate our confidence in the positive act of the authority, which gives us the security that the organization will remain within the terms of the contractual clauses shielding this work against claims and dispute resolution processes. In this regard, we applaud the professionalism and integrity that the ACP has shown in negotiations with contractors in defense of the interests of all Panamanians,” said the group.

It also noted that any efforts to delay the opening of the Canal expansion by the consortium would be “an open challenge to the most valuable asset shared by all Panamanians.”

GUPC has warned that if payments to it by the ACP are not processed more quickly, the project could be delayed by several more months.

So far, GUPC has received $4.235 billion in payments, more than $1 billion more than the original $3.1 billion contract, reports La Prensa.