the consortium formed from Sacyr, Impregilo, Jan De Nul and CUSA threatens not to carry to term the widening of the channel of Panama hat



The Grupo Unidos por el Canal (GUPC), the consortium constituted from the Sacyr Vallehermoso Spanish, the Impregilo Italian, the Belgian Jan De Nul and the Panamanian City Constructora (CUSA) that it is charged of the planning and execution of the works of widening of the channel of Panama hat, works consisting mainly in the construction of a third series of closed to be completed - second the last forecasts - in the first semester of 2015 regarding the term of October 2014 initially agreed, has threatened to suspend these work if ulterior costs for beyond 1,6 billion dollars will not be recognized. The consortium had adjudicated the contract introducing an offer of the value of beyond 3,1 billion dollars ( on 9 July 2009).

In a communication to the Spanish Comisión Nacional de Mercado de Valores (CNMV), the Sacyr has explained that "because of serious imputable violations to the Audidad of Canal (the ACP), and in compliance with applicable contractual terms, GUPC she has announced formally to the Autoridad of the Canal de Panama City (the ACP) that she will proceed to the suspension of the work if the presumed violations will not be healed within the period of warning". The Spanish group has specified that "GUPC has introduced founded demanded in relation to determined additional costs of the project from circumstances which supervened and unforeseeable dinanzi to the various competent authorities, between which the Arbitrateed International Court of the International Chamber of Commerce (ICC); GUPC - it has emphasized Sacyr - has completed efforts so that these demands, whose total amount is today of about 1.625 million American dollars, were received by the ACP at the moment of their presentation". Sacyr has specified that the consortium "has maintained a dialogue opened with the Authority of the Channel of Panama hat in order to reach a satisfactory agreement in order to place end to the current contractual imbalance".

From part its Autoridad of the Canal de Panama City has rejected "categorically" the GUPC pressures: "to beyond the type of pressure that is exercised against the ACP - it has found the administrator of the Channel of Panama hat, Jorge Quijano - for our part we maintain our demand so that the Grupo Unidos for el Canal maintains faith to the contract that same they have accepted and undersigned". Quijano has evidenced that the ACP is trusting that the contractors have the ability to tackle to the agreed engagements and have specified that, in case contrary, the ACP will be able to make use of the clauses of the contract that afford them to complete however the work.