Panama to ban Odebrecht for new contractsStaff Writer | December 29, 2016
Panama said it will prohibit Brazil’s Odebrecht construction company from acquiring new public works contracts until it returns the money it “removed” via a “scheme” of corruption and bribes.
Scandal Authorities in Panama against Odebrecht
The Panamanian Government will also take the necessary actions to take back Odebrecht’s concession of a hydroelectric project, Chan II (Bocas del Toro, Caribbean), and to abort, at no cost to the State, the contract of association for this work, which has not yet begun.
Through the state-owned Electricity Generation Company (EGESA), Panama signed a contract with Odebrecht in June 2014 to build the Chan II hydroelectric plant with an investment of $1 billion. ■