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LatinNews Daily - 28 September 2020
In brief: Panama Canal Authority wins arbitration case
* The International Chamber of Commerce (ICC) arbitration panel has ordered multinational consortium Grupo Unidos por el Canal (GUPC), which constructed the new third set of locks in the Panama Canal, to repay US$240m to the Panama Canal Authority (ACP). This is the latest decision related to disputes over extension works for the Panama Canal and overturns an earlier independent decision by the Dispute Adjudication Board (DAB), an independent arbitration panel. Spanish construction company Sacyr, which has a 41.6% stake in GUPC, has said that it “respects but does not share” the ICC’s decision. It adds that the claim represents just 8.8% of the total claims that GUPC and its partners have filed in relation to disputes over extension works for the canal.
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