- Panama hires Arnold & Porter Kaye Scholer LLP for $6.5 million arbitration.
- The arbitration involves disputes over Sacyr’s infrastructure projects.
- Sacyr is active in both Latin America and Europe with recent deals.
Panama’s Decision to Engage Legal Representation for Arbitration
Panama is moving forward with a significant legal decision to engage the services of Arnold & Porter Kaye Scholer LLP for potential arbitration against Sacyr. The government plans to allocate a budget of up to $6.5 million for this legal endeavor. This decision comes amidst ongoing disputes involving Sacyr, a major player in various infrastructure projects, specifically an LNG terminal.
Strategic Move Amid Ongoing Disputes with Sacyr
The arbitration largely revolves around Sacyr’s involvement in a project that has been a subject of contention in recent times. By bringing on board Arnold & Porter Kaye Scholer LLP, Panama aims to strengthen its legal standing and maneuver through what is expected to be a complex arbitration process. With a sizable budget earmarked for this purpose, it’s evident that the Panamanian authorities are taking this issue seriously and are prepared for an extensive legal battle.
Sacyr’s Broader Business Operations and Recent Deals
Sacyr, a Spanish infrastructure and services group, has been in the spotlight not just for this arbitration but also for its various deals and contracts across Latin America and Europe. Recently, the company secured a contract for a water reuse treatment and distribution public-private partnership (P3) project in Antofagasta, Chile, and has been actively selling assets, including its Colombian operations for a total of $1.6 billion. This series of activities underscores Sacyr’s broad footprint in the infrastructure sector, which has become increasingly competitive and fraught with legal complexities.
In summary, Panama’s decision to hire Arnold & Porter Kaye Scholer LLP highlights its serious commitment to the ongoing arbitration with Sacyr, a move that underscores the significance of legal strategies in business operations. Given Sacyr’s recent activities and focus on various projects in Latin America, this legal engagement may set the stage for future developments. As these events unfold, both parties will likely face intense scrutiny from industry watchers and stakeholders.
