Embargo at Fenosa in Nicaragua confirmed

About a million dollars worth of real estate was embargoed today at Unión Fenosa, in an action taken by Dr. María Marvis Jirón, Legal Director of the Nicaraguan Company of Aquaducts and Sewage Systems, Enacal.

Monday, April 21, 2008

Jorga Katín, Fenosa's Manager of Communication, has confirmed that this preventive embargo, imposed by Jirón and the Third Civil Judge of the District of Managua, Napoleón Sánchez, stemming from a suit for damages in the pumping systems of several wells of the aquaduct company.
"There are two properties and several vehicles that are affected," said Katín. "Altogether it represents between 16 and 20 million córdobas."

More on this topic

Nicaragua buries hatchet in US$10.2 million deal with Fenosa

May 2008

The Nicaraguan government and Spain's Unión Fenosa closed a stormy chapter in their relationship with a deal in which the government is to take a 16 percent stake in Fenosa.

In return the government will write off the US$10.2 million debt that it is owed by Fenosa, the country's leading distributor of electricity.

Fenosa refuses to sign memorandum with Nicaragua

May 2008

Spain's chief diplomat, Miguel Ángel Moratinos, has personally asked his counterpart in Nicaragua, Samuel Santos López, for "secure justice" and "guarantees" for Spanish companies with operations in Nicaragua. The request was made after Madrid was made aware that Unión Fenosa refused to sign a memorandum of intent with the government of Nicaragua.

In a note to Santos published in a press release on the web site of the Spanish Minister of Foreign Affairs and Cooperation, Moratinos said, "Spain is the second largest foreign investor in Nicaragua, after the United States.

Fenosa-Enacal situation in Nicaragua worsens

April 2008

Two properties and several buses valued at about one million dollars were seized yesterday from the energy distributor Union Fenosa, in response to a court order for damages to pumping equipment of the Nicaraguan Company of Aquaducts and Sewers, Enacal.

Jorge Katín, Fenosa's Manager of Communications, confirmed the seizure that was carried out by order of the third Civil Court Judge of the District of Managua, Napoleón Sánchez, and Dr. María Marvis Jirón, Legal Director of Enacal.

Ortega still waiting for seat on Fenosa board

April 2008

Nicaraguan President Daniel Ortega said his government is still waiting to have a seat on the board of the local unit of Unión Fenosa, as previously agreed with the Spanish power company.

Emilio Rappacioli, the energy minister, announced recently that Fenosa had agreed to the government taking a 16 percent stake and a seat on the board of the unit, which distributes electricity throughout Nicaragua.

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