Panama cancels contract with Brazil’s CNO for airport terminal construction


Economy12 minutes ago (Sep 29, 2021 12:11AM ET)

By Elida Moreno

PANAMA CITY (Reuters) – Panama canceled a contract with the Brazilian company CNO S.A. for “non-compliance” in the construction of a terminal at the country’s main airport, according to a statement by the general manager of Tocumen International Airport.

“Tocumen has terminated the contract with the company CNO S.A. for breach of the obligations agreed in the contract,” according to the statement by Raffoul Arab.

The cancellation of the contract could mean that CNO would also be barred from bidding for future state-owned projects, the statement said.

“The contractor CNO S.A. was also disqualified for breach of contract, which prevents their participation in (future) bids and contracts with the Panamanian State,” it said, without specifying when the ban would take effect.

CNO could not be reached for comment.

CNO is a wholly-owned unit of Brazilian conglomerate Novonor, previously known as Odebrecht S.A.

Odebrecht was investigated in Panama for paying bribes to obtain contracts in the country. In 2017, it signed an agreement with prosecutors and agreed to pay a fine of $220 million.

Panama cancels contract with Brazil’s CNO for airport terminal construction

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Share this article

Subscribe here

Recent posts