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.
Someone is looking for a bribe. I am sure this all can be worked out for a few dollars to a handful of attorneys and politicians. Life could be better for everyone in Panama if the politicians thought of the people instead of lining their pockets with cash. That is my opinion. In this case, it may not be true. Many people depend on the jobs created here and the eyesore that will be left for years in Panama while this is being worked out should not happen. Foreign investment is important to the country and everyone should benefit from it.
First how is this a $30mm project??? Looks more like a min $130mm project. Shall we start 😉