Government seizes funds from ICA

PANAMA. The government has seized Nearly $2 million from the Mexican company that collects the tolls on the Corredor Sur, that leads to Costa del Este and Tocumen airport because the company would not allow an audit.

The General Directive of Revenues (DGI) seized the money from ICA, after the government decided to hold an audit of the Mexican company`s toll revenues from the Corredor Sur.

The government wanted to determine the amount ICA has collected from the start of the project in order to assess the amortization of the highway’s construction investment.

According to sources, ICA did not approve the audit, which forced Panamanian authorities to seize almost $2 million which the company holds in a trust.

The event has put the company in a tight spot, as the government’s action could affect its status in the stock market.

Alongside the seizure, another situation made the relationship between the government and ICA even more tense.

The government’s decision to offeri the Corredor Sur and Norte service for free during specific days this month has made both ICA and PYCSA (the company behind Corredor Norte) unhappy even though the government will give the companies a tax credit to cover the tolls.