Sacyr respects but does not share the decision of the ICC court of arbitration, which contradicts the DAB’s decision
• Sacyr and GUPC will continue to pursue the claims they consider fair in international fora
• This claim represents just 8.8% of the total claims that GUPC has filed
Sacyr, which holds a 41.6% share in GUPC, respects but does not share the decision of the International Chamber of Commerce, overturning the prior decision of the Dispute Arbitration Board to recognise 50% of GUPC’s claim relating to the composition of basalt and concrete formula.
The award, announced today, orders GUPC to give approximately $240 million of the $265 million that the DAB initially recognised back to ACP. The claim represents just 8.8% of the total claims that GUPC and its partners have filed.
Sacyr, which is currently focused on developing and managing its concession assets, has a positive and stable financial position, allowing it to comply with the award at no harm to its financial solvency or ongoing projects.
The ICC award on basalt and concrete formula does give around $25 million to GUPC in the form of additional laboratory costs and the existence of undetected faults in the field.
Sacyr and GUPC will continue pursuing their fair claims against ACP in various international fora (ICC, UNCITRAL).