Sacyr Press Room Press Releases Sacyr statement

Sacyr statement

In the arbitration initiated by Sacyr against the Republic of Panama, under the Agreement on the Promotion and Reciprocal Protection of Investments between the Kingdom of Spain and the Republic of Panama (BIT), the arbitral tribunal has recently issued a decision in which it declares that, contrary to what was argued by the Republic of Panama, the actions of the ACP can be attributed to the Republic of Panama: thus one of the requirements for such actions to be subject to review under said international treaty is fulfilled.

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This decision, which is favorable to Sacyr, allows, now that this first phase is over, the arbitration to continue and enter the phase in which the parties will have to argue the merits of Sacyr's economic claims, as well as the other defenses put forward by Panama.

 

The aforementioned arbitration, governed by the UNCITRAL rules, began in 2018 and is related to the treatment provided to Sacyr's investment in relation to the Panama Canal expansion contract awarded to the GUPC consortium of which Sacyr is a part.

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