The High Court’s investigative judges said FCC paid bribes to obtain metro and hospital contracts in the central American country between 2010 and 2014.
FCC declined to comment. It now has the opportunity to defend itself or appeal against the charges, before the judges decide whether to send the case to trial. The process could take months.
FCC is now controlled by Mexican tycoon Carlos Slim, who took a 25% stake in 2014 and gained control of the board in 2016.
Documents published by the court on Wednesday show its investigation centered on allegations that FCC overcharged for steel in construction projects with a consortium including Brazilian company Odebrecht, using the funds obtained to pay bribes to officials in Panama.
The High Court said the managers who participated in the scheme were fired by FCC.
In 2016, Odebrecht agreed to the world’s largest-ever corruption leniency fine with prosecutors in Brazil, the United States, and Switzerland, paying at least $3.5 billion. The scandal over bribes for public works contracts spread to other countries where Odebrecht did business, including Peru, Mexico, Argentina and Colombia.