on Wednesday night issued an official statement regarding the judicial proceedings initiated by the private consortium Cosco Shipping Ports Chancay Peru S.A., which is reproduced below:
-In Peru, private initiative is free and operates within a social market economy that promotes and oversees free competition, safeguards private property, and establishes that domestic and foreign investment are subject to the same conditions, as set forth in Article 63 of the Peruvian Political Constitution.
-The promotion of foreign investment, without distinction as to its origin, is a State policy designed to boost national economic development, improve critical infrastructure, foster the country's competitiveness, and fight poverty.
The Chancay Port Terminal, owned by the private consortium Cosco Shipping Ports Chancay Peru S.A., must comply with the provisions of the Peruvian legal framework, including regulations on port security in charge of various public entities such as the National Port Authority (APN), the General Directorate of Captaincies and Coast Guard (Dicapi) of the Peruvian Navy, the National Superintendence of Customs and Tax Administration (Sunat), the Peruvian National Police's Anti-Drug Directorate (PNP-Dirandro), the Environmental Assessment and Enforcement Agency (OEFA), and the District Municipality of Chancay, within the scope of their respective competencies.
These entities maintain a presence at the port terminal and effectively carry out the control and oversight functions assigned to them by law.
The Judiciary is said to have ordered the Supervisory Agency for Investment in Public Transportation Infrastructure (Ositran) to refrain from exercising its regulatory, supervisory, oversight, and sanctioning functions with respect to the Chancay Multipurpose Port Terminal, additionally declaring inapplicable to the terminal's operations various legal provisions that underpin Ositran's competencies.
Should such circumstances be confirmed, the PCM, in compliance with the applicable legal framework, will make use of the procedural remedies provided by law.
(END) NDP/JCR/MVB