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Monday, September 23 2019 @ 02:48 am EDT

Chinga'o - Unexpected Audit Results for Northern and Southern Corridors

Money MattersBy DON WINNER for - That's funny. Today the following political cartoon appeared in La Estrella. A few months ago president Ricardo Martinelli erected big signs on the Northern and Southern Corridors, saying "Ahora Le Toca Al Pueblo" (Now It's The People's Turn). Yesterday Alberto Vallarino, the Minister of Economy and Finances, presented the audits ordered by the government of both projects. According to those reports, the Northern Corridor has supposedly lost money, and at the rate it's going they will literally never recoup their investment. The situation is similar for the Southern Corridor. Everyone basically expected the audit to reveal that the companies running both highways are raking in millions of dollars and screwing over the Panamanian people and government. In this political cartoon today, two Mexicans, wearing hats marked Pycsa and ICA, the two companies involved, are saying in Spanish but with Mexican accents - "Hey Man, according to your friggin' audit this is what you get..." - bones. And there's Martinelli, looking frustrated. (Source - La Estrella)

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Chinga'o - Unexpected Audit Results for Northern and Southern Corridors | 1 comments | Create New Account
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Chinga\'o - Unexpected Audit Results for Northern and Southern Corridors
Authored by: Anonymous on Friday, March 05 2010 @ 09:30 am EST

It would be interesting -- and informative -- if we learned how much Interest Exp the two roads are paying on the refinancing debt they issued about 2006. That debt - bonds sold in the Panama exchange -- was proposed to be used to repay the original investment in the roadways, pay off the then-existing loans to construct the roads, plus a large cash cushion for the two entities.
Seems to this skeptical ole CPA that the 'folks' have been shafted one more time -- since the excuse for raising the tolls was 'our expenses have gone up..." uh huh.