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Press release

   By: CABEI    News, Operaciones, Nicaragua   

Tegucigalpa, Honduras, January 07, 2020.- In order to provide additional information regarding the recent ruling made on a property located in the municipality of San Juan del Sur in Nicaragua, the Central American Bank for Economic Integration (CABEI) communicates the following:
•    CABEI provides resources for development projects, programs and initiatives to the private and public sector of its member countries.
•    On July 20, 1970, the Bank granted a loan to Pesquera La Flor Sociedad Anónima of the Republic of Nicaragua, which presented as collateral a property (a lot of land) located in the municipality of San Juan del Sur, Department of Rivas. On May 11, 1978, in the face of breach of payment obligations, CABEI received the payment guarantee by means of a Public Deed Settlement duly registered  in the Public Property Registry of the Department of Rivas.
•    On March 16, 2015, a ruling was made in response to a civil lawsuit filed by Inversiones Turística del Pacífico, S.A. (INTUPSA) on August 22, 2014 claiming ownership over 5 manzanas (1 manzana = 0.7050 hectare or 1.74 acres) that are within the CABEI property. On first instance, the March 16, 2015 ruling favored CABEI. Likewise, the ruling was confirmed on second instance by the Circunscripción Sur Court of Appeals by means of a judgment made on August 25, 2015. Finally, regarding the Ordinary Declaratory Judgment Request filed on October 20, 2015 by INTUPSA against CABEI, it was again ruled in the first instance in favor of CABEI on December 19, 2019.
As a multilateral development organization, CABEI will continue its mission of promoting economic and social development in the region through financing to the public and private sectors.