It is a case that has to do with the city of David’s sewer renovation project, which has now become a threat to the heart of the national banking system.
The protagonists are Idaan and the Aguas de David consortium, made up of the companies Pretech Internacional and Suez Internacional.
Everything was recorded in the middle of the last decade, during the government of former president Juan Carlos Varela, when the work was put out to tender for more than 300 million dollars.
The company Pretech International had 70 percent of the consortium and Suez International 30 percent. The leading company went to look for money for the work and reached an agreement with Canal Bank.
The arrangements led to a million-dollar line of credit and for this there was the usual assignment of credit. In short, the assignment of credit is nothing more than the guarantee that the bank has when it lends money.
In the case of the Aguas de David consortium, two credit assignments were signed. The first from contract 113, for 105 million dollars and the second from contract 114, for 66.6 million dollars.
Everything was going rosy and the contract for the study, design, construction and maintenance of David’s sewer system started as God intended.
Along the way, something paralyzed the work. Today the project is practically abandoned and the problems began. Pretech International left the project and transferred its 70 percent to Suez International, which was left with one hundred percent of the work and all commitments.
The problem came when there was a change of administration at Idaan and although Suez twice honored its commitments to the bank, it now refuses to do so and Idaan, which is the one that must enforce the assignment of credit, has favored to the company, paying the “advances” of the work.
The matter then went to the Comptroller’s Office, which on two occasions has thrown the case back, because the commitment of the figure of assignment of credit that Canal Bank has in this case, on the David sewer project, is violated, regardless of whether the leading company has left the work.
The problem with this case is that if Idaan tramples on the figure of the transfer of credit, “it is attacking the heart of the banking system,” because these are commitments that, if dishonored, become a “scam,” warns Maritza Cedeño, president of the National Bar Association.
In addition, it jeopardizes future bank loans to companies that intend to do work with the government.
2024-04-08 05:43:40
#Threat #banking #system
