The AES Ede-Este power distributor reportedly contracted a US$50-million loan at an annual interest rate of 18%, when the average rate being offered by banks fluctuated from 10-13%, as reported in Hoy newspaper today. An audit carried out on the company, in which the Dominican state is owner of half the shares, indicates that the loans did not have the due authorization of the board of directors. The audit showed that from March to June of 2000, the company received US$38 million in loans from the company affiliate that took out the loan, despite not having the proper authorization.
See http://www.hoy.com.do/…