Bolivia rescinds contracts with Isolux Corsan subsidiary on building a roads and a dam
Petroleumworld 04 20 2017
Bolivia's government said on Wednesday it had rescinded contracts to build roads and a dam with Spain's Corsan-Corviam, a subsidiary of Isolux Corsan SA, pulling contractural guarantees for more than $150 million.
Bolivia's Minister of Public Works Milton Claros said Corsan-Corviam had signed contracts worth $534 million in 2014 and had missed construction dates.
Isolux Corsan IPO-ISOL.MC is undergoing debt restructuring in Spain and has also stopped development of power transmission lines in Brazil.
"We have to take legal action for damages and losses that have been caused," Claros said.
"They were notified and had time to amend the situation, but as they have not done so... what is left is to execute the guarantees and that is what we are going to do."
Isolux Corsan did not immediately respond to request for comment.
Reporting by Daniel Ramos; Writing by Caroline Stauffer; Editing by Bernard Orr from Reuters.
reuters.com 04 19 2017
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