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State sold US$5.0M mine in Puerto Plata for just US$95,000

Santo Domingo.- The Dominican of State-owned businesses (Corde) sold a mine in Puerto Plata for just US$95,000, despite the Mining Agency’s (DGM) estimated property value of at least US$5.0 million.

That means that Corde’s price to sell the “El Puerto Exploitation Concession” mine to the Argos Dominicana cement company was 53 times less than the real amount.

It was also one of the main reasons for the DGM’s rejection of the transaction carried out on January 11, 2013.”The sale price of this property of the Dominican State is well below its real value.”

However Corde’s Board of Directors approved the sale on January 25, 2013, which was also conducted without a call for tenders, the authorities note.

Mines director Alexander Medina Herasme revealed the alleged irregular transfer, during an interview on Uno+Uno, on Teleantillas.

“We objected to it and also asked Corde’s director (Leoncio Almánzar Objío) that he had to have the Presidency’s approval and the Public Company Reform Commission,” in reference to the agency in charge of liquidating shuttered State enterprises and properties.

Source: DT

Feb 10, 2017

Category: DR News |

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Last updated February 18, 2017 at 7:57 PM
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