elcaribe.com posted the letter Union Fenosa sent President Mejia. The letter states that Edenorte and Edesur have approx RD$14.5Billion in debts.
1. Over RD$11Billion is either owed to Unioin Fenosa directly or is a loan guarantee by Union Fenosa.
2. About RD$1.5Billion is owed power generators and others.
3. RD$664Billion is owed to Local Dominican banks.
They list the RD$14.5Billion in debt but do not tell you what they have done with that money. I looked at the annual report on their website and found that they had a profit of about RD$6Billion in 2001.
The lette to Mejia asks for "only" RD$4Billion. The reason for that is that the only "net" debt that they have is what they owe to the Local Banks and the local power generators.
These scums are trying to pull a fast one over the equally imbecile Mejia administration. Mejia should tell Union Fenosa to go phuck itself.
PS According the Union Fenosa website, CDE owns 50.001% and has veto power over Union Fenosa.
1. Over RD$11Billion is either owed to Unioin Fenosa directly or is a loan guarantee by Union Fenosa.
2. About RD$1.5Billion is owed power generators and others.
3. RD$664Billion is owed to Local Dominican banks.
They list the RD$14.5Billion in debt but do not tell you what they have done with that money. I looked at the annual report on their website and found that they had a profit of about RD$6Billion in 2001.
The lette to Mejia asks for "only" RD$4Billion. The reason for that is that the only "net" debt that they have is what they owe to the Local Banks and the local power generators.
These scums are trying to pull a fast one over the equally imbecile Mejia administration. Mejia should tell Union Fenosa to go phuck itself.
PS According the Union Fenosa website, CDE owns 50.001% and has veto power over Union Fenosa.
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