After a failed attempt at restructuring, the process that began in September 2014 with the cessation of payments by the financial company La Generosa today ended with a judicial declaration of financial bankruptcy.
Prensa.com explains that"...The measure involves the seizure of all assets belonging to the company, the appointment of a executor and José Luis Ford being banned from leaving his home where the bankruptcy was finalised, which is effectively an impediment to him leaving the country. "
A missed deadline has been missed on an issue of $4 million that was part of the restructuring of bond issues and securities made by the financial company La Generosa.
The restructuring of the financial company managed by businessman Jose Luis Ford failed to materialize and now the holders of bonds and securities issued by financial La Generosa will have to wait for the settlement of guarantees administered in a trust before they can recoup their investment.
The parsimony of the Varela administration in decision making and implementation of relevant projects is affecting the competitiveness of the Panamanian economy.
Representatives from the Chamber of Commerce of Panama argue that "... We've come from a state where everything was fast to one that is slow, leading to a conflict not only in terms of perception, but also the numbers that are reflected, "that is to say, the results.
Legal certainty, delays in the approval procedures and government debts are some of the concerns employers passed on to the Varela administration.
From a statement issued by the Chamber of Commerce, Industry and Agriculture (CCIAP):
Issues related to national and corporate events, which include economic growth and legal certainty, were some of the points raised during the meeting between entrepreneurs of the Board of the Chamber of Commerce, Industries and Agriculture of Panama headed by its President José Luis Ford, and the president of the Republic of Panama, Juan Carlos Varela Rodríguez.
With the participation of over 600 companies from over 35 countries Panama's most important trade fair in Central America has been inaugurated.
From a statement issued by the Chamber of Commerce, Industry and Agriculture of Panama:
With the participation of over 600 companies gathered in more than 850 exhibition booths representing over 35 countries from North, South and Central America, the Caribbean, Europe and Asia, the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP), today inaugurated Expocomer 2015, the thirty-third version of the most important trade show in Panama and the region.
In a market dominated primarily by foreign brands, there is an increasing trend for Panamanian companies to migrate to this business model.
José Luis Ford, president of the Chamber of Commerce and Industry of Panama (CCIAP) noted that "...The openings developed in the last five years, are added to the 50 previously established making a total of 200 franchises in different markets across the country, recording an investment of $100 million. "
An option being studied by the government to include vegetable oil and sugar in the list of price-controlled commodities has been rejected by the business sector.
Citing significant increases in the prices of both products, the government announced it would not rule out the possibility of including them in the list of regulated commodity prices, a measure which was first implemented at the beginning of the Varela administration.
On March 11th to 14th 2015 the thirty-third edition of the international trade fair, Expocomer, will be held in the Atlapa Convention Center.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):
The Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) has officially presented its pinnacle event, the XXXIII version of Expocomer "The World Trade Showcase" to be held from 11 to 14 March 2015 at the ATLAPA Convention Center.
The Chamber of Commerce, Industries and Agriculture of Panama is asking companies to supply themselves with electricity using their own emergency generators.
A statement from the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP) reads:
Multimodal transport and logistics are among the topics that will be addressed in the international trade fair taking place on October 22nd - 24th in Panama City.
From a press release issued by the Chamber of Commerce, Industries and Agriculture of Panama:
The Government is relying on a consensus between the parties, but private enterprise and workers have very different proposals.
Although he did not specify the amount, Gabriel Diez, president of Conep said that "the business sector's proposal achieves the objective of establishing the highest minimum wage in the Latin American region."
Business groups are working on the definition of an alternative to the Government's policy to value properties according to their commercial value.
An article in Prensa.com reports that as an example José Luis Ford, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) noted that the position of the chamber is "to search for a more 'real' number, because the value used (commercial value for determining the registry value) does not match reality."
A maximum security facility, for the crime and financial investigation divisions of the Judicial Police, was announced in Panama.
In order to pay for the 33 story building, the Panamanian Public Ministry (MP) will use $32 million in seized assets, which were "derived from the equivalent of confiscation of gold, after the capture and conviction of foreign nationals who used the Colon Free Zone, to commit unlawful acts and were prosecuted and punished in the U.S. "
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