(Bloomberg) -- The International Chamber of Commerce has ordered a construction group to repay $240 million to the Panama Canal Authority, in the latest development related to disputes over extension works for the canal.
Sacyr SA, the Spanish builder that controls 42% of the group, will be able to honor the ruling without compromising its financial solvency or any impact to ongoing projects, the company said in an emailed statement late Friday. The consortium, known as GUPC, was the contractor selected for the biggest project in the canal extension program.
Sacyr respects, but doesn’t agree with the ICC decision, it said.
The ruling contradicts an earlier one by the Dispute Arbitration Board, which recognized 50% of a claim made by the consortium over the composition of basalt and a formula for concrete for the works, Sacyr said.
In a statement on its website, PCA said it would continue to take legal steps necessary to defend its interests.
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