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".
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.
The purchase of the highway from the Mexican company Pycsa comes after the $420 million acquisition of the Southern Highway.
Initially, the government had negotiated to purchase 51% of the project, known as “Corredor Norte PYCSA”.
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.
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