Stock Groups

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

by Mike Robinson

[ad_1]


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.

According to Raffoul Arabic, “Tocumen terminated the contract for the company CNO.A. because of breaching the obligations in the contract.”

CNO may also no longer be allowed to bid on future state-owned projects if the contract is cancelled.

The statement said that CNO S.A. the contractor was also disqualified due to breach of contract. This prevents them from bidding for future state-owned projects. It did not give a time frame.

Banner 3

CNO was not available 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. CNO signed an agreement in 2017 with authorities and was fined $220million.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. CFDs include futures, stocks, indexes and Forex. Prices are provided not by the exchanges. They are provided by market makers. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these 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. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.



[ad_2]