He had previously noted that the ACP may have to cancel its contract with GUPC
and take over the remaining work.
Last month,PanamaPresidentRicardo Martinellisaid thatPanamahad the resources to complete the expansion of theCanaleven if talks with GUPC
The other members of GUPC
are Spain's Sacyr Vallehermoso, Belgium-based dredging company Jan De Nul and Constructora Urbana of Panama.
In the lawsuit, Ferguson alleges that GUPC
failed to fulfill its obligations under a supplies contract in Miami, Florida.
Details of the expansion project that the GUPC
is designing and constructing include the following integrated components:
says it has completed more than 70% of the project despite hardship and financial losses and has urged the ACP to "abandon its unjustifiably rigid stance.
will continue working for the time being but demanded on December 30A to settle the payment within 21 days.
Our work with GUPC
is ongoing for the duration of the canal's expansion, which is scheduled for completion in 2014," said Raymond Mizrachi, general manager of Corpinsa, the crane supplier.
Among the main criticism of this award, it has been noted that GUPC
met the requirements of financial strength set out in the prequalification process of the tender, with a bond issue of $50 million which was backed by the agencies promoting exports from the governments of Spain, France and Italy and not by the capital market, which is always more critical in its decisions, as the company Bechtel had to do.
will pay US $100 million and ACP will advance US$100 million, which will allow works to recover a normal pace.
US$100 million would be paid by GUPC
and ACP will advance US$100 million (guaranteed), which will enable works to regain a normal pace.
diplomatic cable released by WikiLeaks quoting Panamanian President Ricardo Martinelli as doubting the Spanish-based GUPC
Consortium's ability to complete the project.