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Tuesday, March 21, 2023

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

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

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.

Source: Investing.com

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