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Novonor system settles $30.76 million for agreement incompliance with Panama City airport

Panama's Tocumen International Airport stated on Friday that a construction firm controlled by Brazil's Novonor had been bought to pay some $ 30.76 million to the airport for failure to adhere to a. contract to expand one of its terminals.

The firm now known as CNO, S.A. was approved a contract to. expand Tocumen's Terminal 2 in 2012, the airport stated in a. declaration. The work suffered repeated delays due to constant. breaches of agreement by the building and construction company, Tocumen said.

Tocumen, which is owned by the state, was required to. presume extraordinary expenses as an outcome, it stated.

Building had originally been approximated at $679. million, but wound up costing more than $900 million, the. airport said.

An estimated $15 million in repair work are likewise now required,. according to Tocumen.

CNO previously ran as Construtora Norberto. Odebrecht, S.A. Its parent Novonor was known as Odebrecht before. a corruption scandal involving bribes to authorities throughout Latin. America was discovered.

(source: Reuters)