Concession Adjustments Nullified in Panama
The bill nullifies the validity of the modification arrangements or equivalents for the concession contracts authorized by the state over the last decade.
Monday, July 6, 2009
Martinelli’s administration will present its first bill to the National Assembly of Panama, which, in addition to nullifying adjustments to the concession contracts, includes “that companies cannot fall more than three months behind on their royalty payments. Once this time has lapsed, the state may revoke the concession without any further procedure.”
As the government negotiates with port operators, the Assembly decided to put this law, dubbed "equiparación" in Spanish, on hold.
The ports argue that the new law, dubbed "equiparación" in Spanish, will make the port system less competitive.
The Industries, Commerce and Agriculture Chamber issued a statement requesting a veto of the initiative, known as "Equiparación" in Spanish.
The government of Panama informed that they will carry on retaking concessions not authorized by law.
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