Panama's Purchase of the Southern Corridor Moving Forward This Week

alt(Panama-Guide) - Telemetro -   The negotiation and bureaucratic processes for the acquisition of the Southern Corridor, owned by the Mexican company ICA, should conclude this week. ICA executives have arrived in Panama to conclude the sale. Alberto Vallarino, Minister of Economy and Finance, said he is making an intense effort and ICA representatives will have to work 24 hours until they resolve all pending issues, in order to be able to sign the contract for the sale of the Southern Corridor to the government of Panama. What's more, the National Highway Company has to be registered in order to allow for the entire process to flow as it should.

Panama's president Ricardo Martinelli has already selected the members of the Board of Directors of the new National Highway Company. Vallarino said they will review the audit reports and would be withholding payment equivalent to the areas that need improvement. With regard to the Northern Corridor, he said the sale will be less complex because they have not issued stock in international markets.
 
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Original Source: Panama-Guide
Date Retrieved: January 4, 2011.