Panama Triumphs in Arbitration Over Canal Expansion Dispute

Panama won an international arbitration case against Spanish construction firm Sacyr over the Panama Canal expansion. The tribunal rejected Sacyr's claims and ordered the company to pay $6.4 million to the Panamanian government, marking a significant victory in the 2015 dispute.

Panama emerged victorious in an international arbitration case against the Spanish construction giant, Sacyr, as part of a long-standing dispute over the expansion of the Panama Canal. The announcement was made by the Panamanian government on Friday, following a favorable ruling.

The tribunal's decision rejected all claims made by Sacyr, affirming Panama's stance on the matter. The construction firm was ordered to pay approximately $6.4 million to the Panamanian authorities.

This ruling marks a significant moment in the ongoing dispute, which originally surfaced during the canal expansion project initiated in 2015. The outcome reaffirms the strength of Panama's legal position in international arbitration.

(With inputs from agencies.)