Corruption scandal threatens APM Terminals concession in Guatemala
APM TERMINALS risks losing a prime 25-year concession at Puerto Quetzal, a Pacific port in Guatemala, reports Denmark's Fagbladet 3F news site.
A bribery scandal has engulfed Guatemala and sees former president Otto Perez Molina on trial at the moment with APM Terminals unwitting accomplices via an Iberian acquisition earlier this year, reports Singapore's Splash 24/7.
When APM Terminals bought out TCB, the Spanish ports operator, the deal included Puerto Quetzal. It has since been alleged that the head of the port paid at least US$25 million to a number of officials including the former president, who in 2012 decided on the concession.
Puerto Quetzal, 110 kilometres south of Guatemala City. Under a lease arrangement for 25 years, struck by TCB, the port is being equipped to accept neopanamax ships.
In phase one, a terminal with an annual capacity to move 400,000 TEU is being built. Second phase construction will see that figure rise to 700,000 TEU.
The first phase was originally scheduled to open at the end of last year, but appears to have slipped behind schedule. Terminal de Contenedores Quetzal as the port is known will be opening shortly, according to the APMT website.
The port's manager was arrested in April. Now, Fagbladet 3F is reporting the Dutch-based APMT could be stripped of its concession and the terminal re-tendered.
Terminal de Contenedores Quetzal as the port is known will be opening shortly, it states on the APM Terminals website.
"We can confirm that the Guatemala Attorney General has filed a notification for nullification of the Usufruct agreement, which is the basis for allowing operations of the terminal," APMT said.
The AP Moller port operator said it is in discussions with the Guatemala government and is defending its position in the courts, pointing out the alleged misconduct is related to what took place before it acquire the terminal.
APM TERMINALS risks losing a prime 25-year concession at Puerto Quetzal, a Pacific port in Guatemala, reports Denmark's Fagbladet 3F news site.
A bribery scandal has engulfed Guatemala and sees former president Otto Perez Molina on trial at the moment with APM Terminals unwitting accomplices via an Iberian acquisition earlier this year, reports Singapore's Splash 24/7.
When APM Terminals bought out TCB, the Spanish ports operator, the deal included Puerto Quetzal. It has since been alleged that the head of the port paid at least US$25 million to a number of officials including the former president, who in 2012 decided on the concession.
Puerto Quetzal, 110 kilometres south of Guatemala City. Under a lease arrangement for 25 years, struck by TCB, the port is being equipped to accept neopanamax ships.
In phase one, a terminal with an annual capacity to move 400,000 TEU is being built. Second phase construction will see that figure rise to 700,000 TEU.
The first phase was originally scheduled to open at the end of last year, but appears to have slipped behind schedule. Terminal de Contenedores Quetzal as the port is known will be opening shortly, according to the APMT website.
The port's manager was arrested in April. Now, Fagbladet 3F is reporting the Dutch-based APMT could be stripped of its concession and the terminal re-tendered.
Terminal de Contenedores Quetzal as the port is known will be opening shortly, it states on the APM Terminals website.
"We can confirm that the Guatemala Attorney General has filed a notification for nullification of the Usufruct agreement, which is the basis for allowing operations of the terminal," APMT said.
The AP Moller port operator said it is in discussions with the Guatemala government and is defending its position in the courts, pointing out the alleged misconduct is related to what took place before it acquire the terminal.