The Panama Canal Authority revealed on Friday it had won an arbitration ruling in Miami for $265m to be returned to it from the consortium that built a third set of locks in a project that was plagued with difficulties.
The GUPC consortium, which includes Spain’s Sacyr and Italy’s Impregilo International Infrastructures, no longer exists making the arbitration hard to enforce.
The expansion of the Panama Canal was one of the largest engineering feats in Central America of the past decade, but the project was hit by cost overruns, delays, and leaks.
Two further arbitrations relating to the project are still to be decided.
