Ortega claims Fenosa 'has declared war on Nicaragua'

President Daniel Ortega of Nicaragua said Spain's Unión Fenosa is "practically declaring war on our country".

Monday, May 26, 2008

He added that he would nationalize the company, Nicaragua's leading electricity distributor, unless it agreed to let the government take 16 percent stake in it.
Ortega claimed that the Spanish government had agreed to the deal. "Fenosa has got to respect that agreement. Otherwise it become the property of the Nicaraguan people," he added in an official speech.

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.

Nicaragua 'playing with fire' in clashes with Spanish investors

May 2008

The Nicaraguan government is "playing with fire" in its disputes with two Spanish companies, Unión Fenosa and Grupo Barceló, warned José Escalante, president of the Spain-Nicaragua Chamber of Commerce.

The government is expected to be sued by Fenosa, the nation's leading distributor of electricity in a dispute over the terms under which the state aims to take a 16 percent stake in the company's equity.

The Government of Nicaragua hopes that within a week it will sign an agreement to by 16 per cent of Unión Fenosa

April 2008

The Government of Nicaragua hopes to sign a memorandum of understanding before month-end with Union Fenosa to acquire 16 percent of the shares of its affiliate in Nicaragua, Emilio Rappaccioli, Minister of Energy and Mines, has said.

The ministry said that the government of Daniel Ortega wants to have a representative on the board of directors who will be more than a figurehead.

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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