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 -Published: Friday, November 1, 2019- International
court orders RECOPE to pay $400,000
By the A.M. Costa Rica staff The Arbitration Tribunal of the International Court of Arbitration of the International Chamber of Commerce, based in London, United Kingdom, has ordered the dissolution of the agreement between the Costa Rican Petroleum Refinery, known as RECOPE, and China National Petroleum Corp. International Ltda. The panel also ordered RECOPE to pay $440,000 for half of the arbitration expenses. According to RECOPE, the arbitrators did not order either company to pay compensation. However, the ruling ordered that "the expenses of the arbitration, about $880,000, must be covered in equal parts, by both companies. RECOPE has been responsible for paying the amount of $ 440,000 for this concept." According to Alejandro Muñoz-Villalobos, president of RECOPE, now that the international arbitration process is over "indirectly will benefit the bilateral relations between Costa Rica and China." The Chinese company filed the action against RECOPE in July 2017, as A.M. Costa Rica reported. The China National Petroleum Corp. wanted to continue an expansion and modernization project with the Costa Rican firm through the joint company Soresco SA. Otherwise, RECOPE was asked to pay compensation. In November 2018, the Prosecutor's Office confirmed the arrest of five of nine Soresco company's employees. Those are surnamed: Trejos-Gómez, Naranjo-Sánchez, Edward-Early, Ulate-Padget and Xu. According to the Prosecutor's Office, those five employees of the Soresco company alleged caused damage to the country in excess of $70 million. A finance court ordered pre-trial measures against the five suspects and ordered them not to leave the country, sign in every 15 days at the court, deliver their passports and maintain the same home address. According to the investigation, the suspects, all employees of Soresco, are charged in a criminal investigation for alleged crimes of embezzlement and the possible theft of $70 million that was part of the budget to modernize RECOPE's refinery in Moín in the Province of Limón. Embezzlement or misappropriation of public money by persons in charge of its control and custody is a crime under Costa Rican law. According to the Public Prosecutor's Office, "those suspects would have reached a common agreement to appropriate $ 70 million for the failed project to modernize the Moín refinery in Limón." The company Soresco emerged as a joint venture in 2009, made up in equal parts by RECOPE and the Chinese petroleum company. RECOPE allocated $50 million for Soresco. However, the project never prospered and got stuck in a legal tangle between the parties. According to Attorney General Emilia Navas, the suspects handled the Soresco bank account where the money of the government was deposited. Suspects made use of the capital without restrictions, she said. "They made trips. Not only for working but also for vacation trips. Training, accommodation, use of company vehicles without justification, paid expenses for passports and other expenses paid with the money that belongs to the government," said Navas. The Arbitration Tribunal ordered to close the Soresco company as result of the cancelation of the agreement between both countries. ----------------------------- After more than a year from the beginning of the investigation, should the Prosecutor speed up the investigation process and open trial against the suspects? We would like to know your thoughts on this story. Send your comments to: news@amcostarica.com |
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