The Panama Maritime Authority (AMP) maintains that the renewal of the Panama Ports Company (PPC) contract is automatic, that it does not require the intervention of the National Assembly. The clause to which the AMP refers textually states: “The parties agree that this contract will be automatically extended for an additional period of twenty-five (25) years under the same terms and conditions, as long as the company has complied with all its obligations. basic in accordance with this contract ”.It goes without saying that PPC did not meet its commitments, which included, according to the contract, paying a fixed annuity of $22.2 million that, in addition, had to be reviewed every five years, with which, this could vary, based on the average of the consumer price index for the previous five years, up to a maximum of 10%. It also included a variable annuity, consisting of 10% of the gross receipts from all sources of income that come from the activities carried out by the company in ports. For years, Panama did not receive a penny for those obligations, but even so, government negotiators did not object. They are a complete disgrace! LA PRENSA, Jul. 1
Panama: Panama has made progress to clarity. Question answers Panama non-participation of canal profitable equities. Granted... Panama president never represented the people other than a false promise that no one is... untouchable. Unconstitutional advisors... Ferrugia offshore island headquarter operation... port financial instruments violated for breach of contract... Martinelli absence from courts is a constant... constant mafia operation!
Panama: Notes, Contracts, Obligations and Required Commitments Not Met. Panama President Cortizo does not answer to the inquiries without his Unconstitutional advisors! Renewal Contracts will continue extended for the next 25 years with Panamanians getting nothing! A new administration will continue to find ways to deny Panama any contractual benefits. Former Panama President re-election will certainly deprive Panama their basic right to benefits. As I stated before... a new Expanded Canals / ports and Panama still suffers from the same level of poverty because of the lack of oversight with these financial instruments for the next administration. Treated as worthless vagabonds in the street slums of rats, scurrying through the... stench litter of the streets. One may claim not so... rats are a plentiful with diseases and sickness spreading with Panama shortage of medicines. Why? Panama port contract does not meet its obligations and cares less about the people. President Cortizo counts his $ 10's millions and unconstitutional advisors assures Cortizo... Martinelli will be re-elected with unconstitutional advisor / doctor to avoid the alleged crimes in Panama's court. This monetary crime is just one of those methods in the Panama underground network with other foreign nations such as Italy and the head banker offshore island, headquarter operator... Ferrugia - mafia connected with a new Molirena Italian president of the... Panama National Assembly.