Panama Will Recover Illegal Concessions

The government of Panama informed that they will carry on retaking concessions not authorized by law.

Thursday, July 9, 2009

After recovering the land reclamation project of Grupo F. last Tuesday, the Panamanian Government communicated that they will continue with these actions against companies not fulfilling their obligations to the State.

According to Prensa.com, government spokeswoman Judy Meana, "said that if companies comply with their obligations and get up to date in their payments, they won't have any problems. 'The comparison (equiparación in Spanish) law has neither name nor surname', she informed."

More on this topic

Panama: Businessmen Against Comparison Law

October 2009

The Industries, Commerce and Agriculture Chamber issued a statement requesting a veto of the initiative, known as "Equiparación" in Spanish.

This law project eliminates comparison in State purchases, and has already been approved in its third discussion in the National Assembly.

Panama: Comparison Law in Hold

August 2009

As the government negotiates with port operators, the Assembly decided to put this law, dubbed "equiparación" in Spanish, on hold.

José Blandón, from the Treasury Commission, stated that "...this negotiations could imply making modifications to the original project".

"Port operators have rejected the project, presented by the Executive, from the beginning.

Panamanian Ports Reject Comparison Law

July 2009

The ports argue that the new law, dubbed "equiparación" in Spanish, will make the port system less competitive.

According to spokespersons from the ports of Balboa, Manzanillo International Terminal, Colón Container Terminal and Cristóbal, further dialogue is needed for a solution that benefits both sides.

Concession Adjustments Nullified in Panama

July 2009

The bill nullifies the validity of the modification arrangements or equivalents for the concession contracts authorized by the state over the last decade.

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.

 close (x)

Receive more news about Government

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Magnalex Abogados

Magnalex Abogados is a Costa Rican Law Firm with extensive experience in a broad spectrum of legal services. For over 28 years, our Law Firm has been committed to providing top-quality legal advice.
Operates in Panama, Nicaragua, Honduras, Guatemala, El Salvador and Costa Rica
Phone: (506) 2224 8000 - (506) 2283 3373

Company Profile

Stock Indexes

(Dec 15)
Dow Jones
0.58%
S&P 500
0.90%
Nasdaq
1.17%

Commodities

(Dec 15)
Brent Crude Oil
62.690
Coffee "C"
120.75
Gold
1,257
Silver
16.01