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Panama Ports Company: Panama Court's New Ruling Lacks Legal Basis, Violates Integrity & Contract Spirit
2026-01-30 14:20:40 Panama Ports Company has issued a statement regarding the ruling by Panama's Supreme Court, which declared the concession contract approved under Law No. 5 of January 16, 1997, and its corresponding amendments, unconstitutional. Although Panama Ports Company has not yet received notification of this ruling, it believes this ruling violates the relevant legal framework and the laws approving the contract, undermining integrity and the spirit of the contract. This contract has already safeguarded nearly 30 years of the operation of the Balboa and Cristobal container terminals. The concession contract of Panama Ports Company was awarded through an international bidding process, which was open and transparent. Since then, Panama Ports Company has maintained a candid approach and adhered to its contractual and legal obligations, including full cooperation with local government audits. Based on available information, the new ruling lacks legal basis, not only undermining Panama Ports Company and its concession contract but also affecting the welfare and stability of thousands of Panamanian families who directly or indirectly rely on port operations for their livelihood. ~ AAStocks Financial News Web Site: www.aastocks.com | |