Panama to hear legal case against Cable & Wireless . . .

8 Apr 2003

Panama’s supreme court has said it will hear a legal case calling for the annulment of a 20-year administration contract signed by the UK’s Cable & Wireless when it acquired a 49% stake in local incumbent Intel in 1997. The suit has been filed by a local law firm which alleges that C&W has used the contract to cream off USD68 million in the last five years, without benefiting the state or employees. The firm is arguing that the contract was never officially published and is therefore illegal.