Legal Problems for Purchase of the Northern Corridor

An intricate relationship between the companies who own the raises questions about its purchase by the National Company of Motorways of Panama.

Thursday, May 17, 2012

The newspaper La Prensa had access to a note addressed to the Ministry of Economy and Finance, in which Messrs. John, George and Javier Melgarejo Haddad point out that the transaction could suffer because of a lack of "legal effectiveness".

"... corporate documents Pycsa Panama SA cite Juan Melgarejo Haddad as prior secretary and director of the society.

The Haddad, who are denominated as shareholders of Grupo SA Pycsa de CV, identify the companies Pycsa International Ltd., Pycsa Panama SA and Autovías Inc. as subsidiaries of the Mexican mother company, which, they claim, has not ‘lawfully authorized the performance of this transaction’", reads the article.

More on this topic

Purchase of Northern Highway Confirmed

April 2012

The Cabinet Council of Panama has authorized the acquisition of the Northern Corridor Highway from the Mexican company Pycsa, for a total of $650 million.

A statement from the Presidency of Panama reads:

Cabinet authorizes ENA to sign purchase agreement for Northern Highway

Panama to Buy Northern Highway for $650 million

March 2012

The purchase of the highway from the Mexican company Pycsa comes after the $420 million acquisition of the Southern Highway.

The government will buy the Northern Highway (Corredor Norte) for $650 million, given in concession to Mexican company Proyectos y Construcciones (Pycsa).

Panama Would Buy 100% of “Corredor Norte” Highway

May 2010

Initially, the government had negotiated to purchase 51% of the project, known as “Corredor Norte PYCSA”.

Newspaper explained that in recent talks, President Martinelli and the Mexican owners of the project would have agreed to transfer the entirety of the highway to the Government.

Northern Corridor Finally Purchased

June 2012

It has been announced that the purchase of the highway from the Mexican company PYCSA by the Panamanian State will be completed in July and funded by issuing bonds.

Negotiations for the purchase of the Northern Corridor from PYCSA should conclude in July with payment of 80% of the shares, said Rigoberto Effio, administrative and financial manager of the Empresa Nacional de Autopistas (ENA).

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