Canal wins $25 million arbitration hearing

THE PANAMA  Canal  Authority (ACP) coffers  will increase by $25 million after winning an arbitration hearing over a claim filed by the Grupo Unidos por el Canal (GUPC) consortium that built the Canal’s third set of locks, which opened in June last year.

GUPC, made up of Sacyr, Impregilo, Jan de Nul and Constructora Urbana SA, will have to pay  compensation of $25 million to the CanalAuthority and pay the arbitration fees to the International Chamber of Commerce, in London.

The consortium had filed a claim of $200 million. The ACP says it  will issue a statement with more details on this process, which ended up in favor of the Authority.

In August 2016, the consortium lost another $90 million lawsuit, after the after  its claim against the ACP was rejected.