Saturday 06
September
2008, San José, Costa
Rica
"Señores Basta!"
Transport Minister Cries
Out For Approval Of New
Transit Law
Constitutional Court
Rules In Favour Of
Newspaper For Details Of
Bonds Purchase By China
"Hanna"
Affected 5.000 in Costa Rica
Colón Down 21%
Protection of Sharks
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Constitutional Court
Rules In Favour Of
Newspaper For Details Of
Bonds Purchase By China
The Sala Constitucional
(Constitutional Court)
has ordered the ministro
de Hacienda (Finance
minister), Guillermo
Zúñiga, to hand over to
the Spanish language
daily, La Nación, all
the information related
to the purchase of Costa
Rican bonds by China.
The bond purchase
occurred eights months
ago and it has been
eight months of secrecy
and deceit by the
government of Oscar
Arias, including his
Hacienda minister, who
flatly refused to
provide the daily with
any details of the bond
purchase.
The ministro de Hacienda
refusal led to the La
Nación to file an appeal
with the Sala IV on
March 11.
The Court decision
handed down on Friday
was unanimous in
ordering the Hacienda
minister to hand over
all information on the
financial transaction.
"I am very happy that
the Sala IV ruled in out
favour over access to
the information relating
to the debt by all Costa
Ricans as the subjet is
of public interest",
said Alejandro Urbina,
director of La Nación.
Urbina added that the
Constitutional Court
decision is a
reaffirmation of Costa
Rica's right of freedom
of expression.
"The 8 months were 8
months of arbitrariness
that the Government said
that the people had no
right to know how, when
and under what
conditions it was
indebted", added Urbina.
It wasn't until late
last week that Costa
Rican president let out
minute details of the
bond purchase, finally
making public that the
interest rate on the
bonds were below 4%. The
president had maintained
a hard line saying that
he had to first confer
with the Chinese before
making any details
public.
Earlier this week more
information was revealed
on the bond issue and
perhaps the catalyst for
the court ruling, when
it was learned that the
bonds were being
safeguarded by the
private bank, BCT and
not a state bank and the
Costa Rican ambassador
to China, Antonio
Burgues , had ties to
the BCT.
BCT officials were quick
to say that had resigned
from the bank's board of
directors July 2007,
shortly before he became
ambassador to China.
The purchase by the
Chinese is in two parts:
us$150 million are
already purchased and a
promise to purchase
another us$150 million
in 2009.
The Hacienda minister
insinuated that the
pressure by the press to
learn the details could
place the completion of
the transaction in
jeopardy.
Following the court
decision, the Ministro
de Hacienda revealed the
following information on
the bonds transaction:
- The us$150 million
purchase is for a period
of 12 years
- There were no
intermediaries in the
transaction nor any
commissions paid
- The mechanisms was a
direct placement and in
dollars
- The interest rate is
2%
- The purchase was a
direct trade between the
two countries
- The emission date was
January 23, 2008. |
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The ministro de Hacienda (Finance minister), Guillermo
Zúñiga.
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