Finmeccanica is fully satisfied with the settlement reached with the Government of the Republic of Panama, to close the disputes on contracts dating back to 2010. The settlement approved by the Government of Panama has a number of strategic and commercial advantages for Finmeccanica.
Finmeccanica's CEO and General Manager Mauro Moretti said: “This settlement not only provides a positive resolution to the disputes with the Government of Panama, as we had hoped, but it also allows us to effectively meet the safety requirements of the country, whilst boosting initiatives to promote Finmeccanica's products and services in a region of strategic value to our company.”
Based on the settlement – which, as previously communicated, does not question the quality of the radar systems provided by Selex ES – the Government of Panama independently reassessed the surveillance system for the country’s coastal area, thereby increasing the range of operations of Telespazio’s business. The latter had already been chosen to supply a digital mapping system to Panama.
In addition, Panama will be able to purchase helicopters or other equipment from Finmeccanica, thereby continuing, and further strengthening the working relationship with the company. Finmeccanica will also provide an AgustaWestland helicopter ambulance to the country.
The agreement puts a definitive end to a dispute that has lasted more than five years.
As a result of the Government’s decision to withdraw the disputes from the Supreme Court and reach a settlement, the working relationship between the Republic of Panama and Finmeccanica has been restored.