Panama Power Co. Says Fraud Doomed $400M Plant Deal

Law360, New York (September 16, 2011, 7:48 PM EDT) -- Panama Power Reserve Corp. sued five Panamanian and Colombian companies in Florida federal court Thursday over an alleged fraud scheme that dramatically diluted its stake in two companies and doomed a $400 million deal involving a power plant project.

In a 42-page complaint, Panama Power accuses the companies of engaging in a complex scheme to defraud, extort and cause major financial harm to it and to usurp control of defendant Colpower SA, of which Panama Power is a shareholder, and by extension, defendant Grupo Poliobras SA...
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