The Supreme Court has rejected the appeal over constitutional guarantees filed by Panama Ports Company against the tender process for the port.
The port company had argued on several occasions that there was no need to build the port in Corozal, for market reasons, an opinion which it began stating when the Panama Canal Authority announced the project.PPCfiled a legal action a few months after that announcement.
The Supreme Court has ordered the provisional suspension of a disputed contract with a subsidiary of Finmeccanica to install a digital mapping system.
The Supreme Court justified the provisional suspension as being "... in order to avoid the effects of the contract causing 'serious and impossible to repair damage to the community as it may affect the heritage of the Panamanian nation because of the delay in the decision on its merits that could be made by this court. '"
The Supreme Court has temporarily suspended the moratorium on water concessions for hydroelectric projects in the province of Chiriqui.
The moratorium had been established by the Ministry of Environment (MiAmbiente) and following an appeal filed by the company Royal Capital Corp., the Supreme Court has decided to suspend it temporarily.
The prolonged intervention of the Supreme Court in the Financial Pacific puts into question the adequate functioning and reputation of the financial system.
The latest news is that the Chief Superintendent of the Panama Stock Exchange (SMV), Alejandro Abood, could recuse himself in the stock market scandal of the brokerage firm Financial Pacific (FP), suspended for embezzling 14 million dollars. FP has filed a lawsuit against Abood for his decision to reorganize the company and then suspend it until the close of the findings or a resolution from the Supreme Court, which theoretically impedes him.
The Panamanian Financial company, which has had its activities suspended, is trying to get partners to inject capital, in order to address the identified shortfall of $11.5 million.
Panama's Supreme Court, in a decision challenged by financial market analysts, put the breaks on a reorganization of Financial Pacific, which had already been put into progress after being ordered by the Superintendency of Securities (VPS), leading the directors of the lender to seek the essential composition of capital, after what was reported as a criminal act by one of its officials.
After six years of study and negotiations with the various sectors involved, the new Land Code comes into force in December .
Vice President of the Supreme Court, Judge Alberto Cigarruista said it was necessary to talk with the various stakeholders (cooperatives, residents in rural settlements, agricultural enterprises) and take their concerns into account, in order to define aspects that need to be standardized and therefore "contribute to this sector, which has been governed by Law 37 of September 21, 1962. "
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