OOOPPS, this is gonna hurt a lot.
The construction workers’ union is opposed to the revocation of a construction permit granted nearly two years ago to build a $30 million building in Panama City.
In the view of the construction companies union “… it is a contradiction that a construction permit approved approximately 22 months ago, for a work that is 45% complete, with an investment of $30 million to date, could be revoked, ignoring the rights legally acquired by its promoters. …This action threatens the legal certainty needed to mitigate the risk assumed by national and foreign investors when investing in the country’s progress, promoting economic growth, creating job opportunities for companies, generating jobs for professionals and workers, and contributing to the social, economic and material development of the Panamanian Nation.” From a statement issued by the Panamanian Chamber of Construction: The Panamanian Chamber of Construction (CAPAC) expresses its concern and strongly protests the decision taken by the Third Circuit Court of Panama to order the revocation of an order contained in construction permit No. 869-2015, Works and Municipal Constructions of the District of Panama, which grants authorization for Constructora BahÃa to build the Sea Point apartment building located in Paitilla, San Francisco. According to the arguments contained in Resolution No. 251-17 of August 11 of this year, the revocation of the construction permit is due to the fact that the building, which borders the Bay of Panama on the West side, is allegedly erected on the shore of a beach not subject to private appropriation.