Banks in Costa Rica must provide customer’s banking information directly to Costa Rican Drug Institute when requested by the office.
Financial institutions must provide people’s banking data to the Financial Intelligence Unit (FIU) on request, as prescribed by executive decree. The FIU is a department of the Costa Rican Drug Institute (ICD).
"This is the 'general regulation on legislation against drug trafficking, related activities, money laundering, terrorist financing and organized crime', published by the Executive on 17th January in the Official Gazette," reported Nacion.com. Mid-April is the deadline for all institutions involved to meet the standards of the decree.
The company left the Costa Rican Stock Exchange; it will now be funded by its head office, Belgium Corporation Aliaxis.
On April 12, and after 23 years of being listed at the Costa Rican Stock Exchange, the company began a process to be unlisted. In order to do so, Durman had to purchase all outstanding stock.
“While being listed in the stock exchange, we grew from 120 employees in Costa Rica to becoming a company with 4.500 workers in all of Latin America” said Mario Gómez, Durman’s CFO. “We left the exchange in order to keep growing, as our goal of becoming a Latin American leader cannot be financed via the local stock exchange”, he said.
Costa Rican firm, Durman Esquivel, which is currently a part of the Belgian Aliaxis Group, bought PVC Celta, a pipe factory en Barranquilla. This is in addition to another company they already bought - Tuvinil - that is located in Cartagena.
Mario Gomez, legal representative of Durman Esquivel, said that the deal was sealed on August 11.
The purchase of the Colombian company's assets cost around $12 million and was done via Tuvinil, a Durman Esquivel subsidiary in that South American country.