DEBT OF WORKERS OF HACIENDA LA CLEMENTINA WITH THE NATIONAL FINANCE CORPORATION WOULD BE UN-PAYABLE



The credit that the National Finance Corporation will grant to the Cooperative of Production and Marketing La Clementina, workers-owners COOPROCLEM, established supposedly for the workers of La Clementina in order for them to own the property; would be un-payable, because, each year, instead of paying the credit, it will grow like a snowball.

In the best case-scenario -which is not the current one- the Hacienda La Clementina, after been subjected to a restructuring process of costs, of production improvement, with a significant fresh investment to improve the infrastructure, that would also increase the debt of the workers, it could generate profits of up to US$ 2 million per year. However, the interests only, which will be collected by the National Finance Corporation annually, will be of US$ 7 million per year, which are three times higher than the annual profit of La Clementina.

The debt will grow like a snowball from  US$ 80 million to US$ 159 million in 10 years, without taking into account the investment needed.

Therefore, there will be no profits but losses and the credit would be un-payable, causing a great economic damage to the National Finance Corporation, to the workers who will never have profits but losses and who will never be owners of La Clementina, to the SRI which will never collect any taxes for the losses, and to the pockets of all Ecuadorians that could end assuming the collapse of the company, maybe with a tax increase or the creation of new taxes for everyone.

For everything that has been said is more than convenient for the State to give all the necessary openness to BANANERA NOBOA EXPORTING COMPANY to find a solution to the current tax conflict, using resources which remain outstanding, both by the judicial way and the administrative way, before the INTERNAL REVENUE SERVICE, because the case is not closed neither nationally nor internationally. In this way, it is not detrimental to the workers of the Hacienda La Clementina, to the State or to Ecuadorians.

By Exportadora Bananera Noboa S.A.

 

Attorney Roberto Ponce Noboa

President

Bananera Noboa S.A. Exporting Company

 

Dr. Juan Vizueta Ronquillo

Attorney

Bananera Noboa S.A. Exporting Company


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