1999News

State property for debt

The government issued instructions to the Ministry of Public Works to distribute State Sugar Council (CEA) property to construction contracts in exchange for past due debts. The lands are worth RD$1,000 million. In addition the President ordered that RD$53 million in cash be paid to the contractors. The agreement would cancel debt for RD$2,750 million, or a savings of RD$687 million for the government. Yesterday, President Fern?ndez handed to Minister of Public Works Diandino Pe?a and to Alejandro Mont?s, president of the Dominican College of Engineers and Architects, a check for RD$53 million and a power of attorney to transfer titles to 18 million square meters property of the State Sugar Council.