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LatinNews Daily - 31 July 2019
In brief: Settlement prepared between Uruguay’s UTE and Hyundai
* Uruguay’s court of auditors (TCR) has reportedly prepared a draft settlement for an agreement between the Korean multinational construction company Hyundai and Uruguay’s state-owned electricity company UTE. In late 2017 Hyundai initiated a US$311m lawsuit against UTE for claims of damages and losses for breaching the building contract for the Punta del Tigre combined-cycle power generation project. Hyundai’s claims were related to UTE’s failure to progress with the build and in response to extra charges it had received from the construction workers’ union, Sunca. However, UTE responded to the lawsuit by demanding US$112m in fines for delayed payments and US$53m for other damages. According to the agreement, UTE must meet two commitments and Hyundai seven.
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- In brief: Settlement prepared between Uruguay’s UTE and Hyundai