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ASF confirms Mexico City NACM airport cancellation cost 113.3 billion

Mexico City, Mexico — The Superior Audit of the Federation (ASF) has released its report with the Mexico City Airport Group (GACM) which confirms the cancellation cost of the Texcoco airport at just over 113.3 billion peso.

The information was released Saturday after meetings between the ASF and the Grupo Aeroportuario de la Ciudad de México SA de CV (GACM). The signed document details five meetings that were held between the group in February and March.

“It was concluded that the relative figure for the cost incurred in the investment of the construction of the NACM and the early termination of contracts as of December 31, 2019 amounts to 113,327,000 billion peso.”

In February, the ASF admitted “inconsistencies” in the quantification of the amount of cancellation of the Texcoco airport and indicated that the content of the audit was subject to “an exhaustive review, particularly in relation to the methodology used” to determine the cost.

In a statement, the ASF claimed to have detected that said amount “is less than initially estimated” and blamed it on a “methodological deficiency.”

The GACM “presented and exchanged information related to certain expenditures in order to accredit accounting records, banking and financial reconciliations, as well as supporting documentation for its arguments.”

The agency explained that the audit considered the “past and future flows” to carry out the cancellation of the obligations contracted for the construction of the airport, “which do not represent a cost, but an outflow.”

The audit came after conflicting figures of the cost to cancel the project. By 2018, the partially constructed airport had already cost Mexican taxpayers more than $3 billion USD. It was approximately 30 percent complete when Mexico’s current president Andrés Manuel López Obrador announced its cancellation after a public poll.