Work is restarted in Noboa’s companies



Published by Diario HOY

June 7, 2011

Alvaro Noboa at Cartonera and Banacont

Industria Cartonera and Banacont, property of businessman Alvaro Noboa, resumed their activities and opened their doors with losses estimated at $ 4 million, because of the seven-day suspension of their activities.

Last Monday, Bananera Continental and Industria Cartonera Ecuatoriana, both property of Noboa, were forced to close their doors by the IRS, according to that agency, for failing to submit declarations on income tax.

Only Industria Cartonera, managed by Leonardo Noboa, stopped producing 600,000 boxes during the suspension. Meanwhile, Bananera Noboa would have ceased to expoert 200,000 boxes.

Banacont is the largest exporter of bananas in the Group, each week over 500 thousand boxes are shipped. According to the Association of Banana Exporters of Ecuador, in March, 27.9 million boxes were sold abroad, especially to the European Union and the United States, out of which 2.1 million were from Banacont. The damage, according to the company’s legal adviser, Douglas Romero, is not only for the businesses but also for the Treasury, because of the taxes that aren’t paid.

Alvaro Noboa personally inspected the reopening of Industria Cartonera, where he arrived just after 14:00.

Noboa greeted his staff and toured the factory.

Later, he thanked among the media there and encouraged the work, and said that both Industria Cartonera and Banacont are up to date on the payments to the IRS and they fulfill the labor rights of his employees. He also highlighted he performs a successful business program.

“This political persecution has to end” said former presidential candidate and leader of Prian referring to the closures to which their companies have been subjected since Rafael Correa won the presidency in 2007. (NMCH)

It is not the first time

Banacont began operations last year, after the IRS shut down the Bananera Noboa by a tax dispute which requires payment of more than $ 80 million in income tax. Molinera, El Café, and Molinos Poultier are other group companies which are under the scrutiny of the tax agency. The last closure was the fourth facing companies linked to the corporate group since 2007. The IRS has denied that it is a political persecution.

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