Law 41 Affects Agreement With The European Union
Friday, September 20 2013 @ 04:24 PM UTC
Contributed by: Anonymous
This law establishes that 75% of the shares issued by companies dedicated to boat and barge services operating in Panama must be owned by Panamanians.
The European Commissioner for Trade, Karel De Gucht, sent a letter to the Trade and Industries Minister, Ricardo Quijano, in which he warns the Minister about the effects of the legislation and asked Panama to make the necessary adjustments to avoid “possible negative consequences” in their business relationships.
Law 41 was ratified by the Assembly on June 15 and published in the Official Gazette of the same day. Quijano replied to De Gucht by saying they are consulting the corresponding authorities about the law. (Prensa)