Posted On 28 Jan 2014
The authority of the Canal of Panama (ACP), the consortium led by Sacyr and the insurance company Zurich today resume the negotiations to find a solution that will allow the conclusion of the works of enlargement of the Panama Canal.
The Panama canal tried that the firm CH2MHill, which acts as a consultant and Advisor to the ACP in the entire project, took on the work. In fact, sources close to the dispute indicate that CH2MHill has established contacts and has had interviews with GUPC employees to try to recruit staff if the company assumes the works.
Zurich opposition, however, has slowed the plan b. The insurance company not only refuses to pay the bail of fulfillment of 400 million dollars (about 300 million euro) but it has also said that before a unilateral breaking of the ACP with the Consortium, they wouldn’t be willing to ensure the completion of the work, at least without a prior period of legal and economic analysis. Therefore the ACP not only lose the amount of the guarantee but also would execute the works without any warranty, which, sources close to the negotiations believe that would be a violation of the contract.
For its part, the President of Panama, Ricardo Martinelli, attributed the conflict of the works for the expansion of the Canal to the financial situation of Sacyr and Impregilo. “This happens when one joins forces with two that have no money. If one has money, puts it on the table and resolve the conflict. When not, results in what is happening to us”, he assured to EL PAIS last week in a recess of the Conference of the World Economic Forum.