THE MARINA and buildings on Flamenco Island on the Amador Causeway may not be sold to third parties says a Panama Supreme Court ruling.
The court recently declared six articles of the concession granted in 1998 to Fuerte Amador Resort y Marina to develop the area to be unconstitutional. The articles dealt with the possible sale of land to third parties.
The company built a cruise ship marina, a yacht club and a shopping center which it has operated since 2001. The concession is for 40 years and it pays a monthly fee of $9,765 reports La Prensa.
In 2005, attorney Juan Carlos Henriquez Cano filed a demand for unconstitutionality against six articles of the concession which allowed the sale of land and buildings. He argued that they are public property and are not subject to private appropriation.
The court has ruled in favor of that complaint, saying that the concession only deprives the state the use of the property temporarily, but not indefinitely.
The company declined to comment on the ruling.