NewsWhore
10-09-2007, 01:30 PM
Felix Bautista, director of the Office of Supervising Engineers of Public Works of the Presidency (OISOE), has come out and tried to put his spin on the Sun Land case, finally breaking weeks of silence on the issue. According to Bautista it is the contractors, through the Sun Land Corporation, that are receiving the funds. He said that the funds would later be disbursed by the State through the OISOE budget in 2008, when the public works projects are finished. Bautista, interviewed by Diario Libre, says that this method relieves the government from paying interest on the loan. The interest, in turn, the contractors would deduct the interest payments from the payments they receive from the government. Bautista said that the 19 promissory notes issued to the HSBC Bank, from Panama, are the equivalent of a cession of credit or a guarantee of future payment (an IOU) and compared this process to that used by contractors when they ask for credit at local hardware stores. He threw in a political shot for good measure and said he laments the PRD criticizing the loan on a mere political basis.
More... (http://www.dr1.com/index.html#5)
More... (http://www.dr1.com/index.html#5)