owns 41.6%, will have to return
240 million dollars
(206 million euros) to the
Panama Canal Authority (ACP
) in the legal dispute over the composition of the basalt and the concrete formula in the canal works, according to a statement.
The award issued by the
International Chamber of Commerce
(ICC, for its acronym in English) stipulates that GUPC must return to the Panama Canal Authority (ACP) approximately 240 million dollars
(206 million euros)
of the 265 million that the Dispute Arbitration Board (DAB) did recognize at the time, which would represent 8.8% of the total of those filed by GUPC and its partners.
The company has indicated that it "respects, although it does not share", the decision of the arbitral tribunal, contradictory to the one issued by the DAB.
"Sacyr, which today is focused on the promotion and management of concession assets, has a stable and positive financial situation, which will allow it to attend to the result of this award
without compromising its
or ongoing projects," the company indicates.
For its part, the ICC ruling on basalt and the concrete formula does recognize GUPC 25 million dollars (21.4 million euros) approximately in concept of
additional laboratory expenses
and for the existence of undetected failures in the ground.
"Sacyr and GUPC will continue to defend
their arguments in relation to the fair claims they are making to ACP
in the different international instances
," he concludes.
Finally, the company has highlighted that more than four years after its inauguration, the third set of locks for the Panama Canal Expansion "is an example of reliability and good operation."
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