Odebrecht pulls out of race for Panama Canal bridge

By Mike Hayes31 January 2017

Brazil’s Odebrecht is no longer taking part in the bidding process to construct a bridge over the Panama Canal.

The firm, which was recently fined US$2.6 billion by the US Justice Department, after being found guilty of bribery, has now been ordered to withdraw from the pre-bid qualification process, as part of its penalty – and amid further corruption claims.

It is alleged that Odebrecht paid more than US$59 million to Panama in bribes, between 2010 and 2014, in order to secure construction contracts.

The current government of Panama further claims the country’s former president, Ricardo Martinelli – along with two of his sons – was heavily involved in the alleged bribery.

The 1 km six-lane bridge will be the fourth to span the Panama Canal, and the project will include the construction of a roadway, connecting it with the Pan-American Highway. Overall, the project will have a length of 6.5 km, and a scheduled timeframe of around 42 months.

The estimated value of the bridge project is US$1 billion, and companies from China, Italy, South Korea and Spain have reportedly shown interest in bidding for the contract.

Latest News
LGMG restructures N.A. operations
LGMG to relocate N.A. headquarters, build $140 million manufacturing facility in Mexico for access equipment 
New Effer loader cranes
Three new Effer cranes broaden the heavy crane range and offer advantages for end users
New Ferrari loader cranes
F.lli Ferrari adds to hydraulic loader crane range with new 6000 series models