The Italian company Salino Impregilo, as an investor and not as member of the construction consortium, is claiming the Panamanian government for a $2.2 billion payment for alleged loss of ROI and compensatory damages.
At a time when the third set of locks is 91% complete, the Italian company Salino Impregilo is arguing that "... as a result of the alleged violations (agreement on the Promotion and Protection of Investments signed in 2009 between the two countries) the company suffered in their role as "Investor" - additional costs in 2000 estimated 2.2 billion dollars.
Wiith the signature this week from the insurer Zurich and Constructora Urbana S.A. (CUSA), a member of GUPC, the agreement announced on February 27 becomes official.
From a statement by the Panama Canal Authority (ACP):
The agreement between the Panama Canal Authority (ACP) and Grupo Unidos por el Canal (GUPC) for terminating the project of the Third Set of Locks will go into effect after it is has been signed by all parties.
The Canal Authority and contractors from the Sacyr consortium, Impregilo and Jan de Nul signed the agreement reached to resume the works.
The Board of Directors of the Panama Canal Authority have authorized the signing of a contract with the consortium Grupo Unidos por el Canal, as agreed between the parties on 27 February.
From a press release issued by the Panama Canal Authority: