Fenatrano agreement

[NewsWhore]

The Fenatrano transport union has again committed to making payments of RD$3 million a month for five years to the Municipality of Santo Domingo. At the end of his term in 2002, then Mayor Johnny Ventura signed for the city hall as guarantor of a RD$400 million loan to the transporters for the purchase of 452 minibuses. The Presidency also endorsed the loan. Fenatrano has defaulted on the payments, leading the Banco de Reservas to threaten to call the guarantee. The initial loan was for US$16.2 million, but union leader Juan Hubieres says that US$1.8 million was discounted for payment of interests, but the whereabouts of that sum is unknown.

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