|DominicanToday.com - The Spanish hotel chain Grupo Barceló on Wednesday joined a growing choir of foreign companies which have complained of a lack of requested legal security for foreign investment, just two months after a similar complaint by the Ambassador from the United Kingdom.
Barceló asked the presidents of the Republic and of the Supreme Court to provide legal security, after the Altagracia province (east) Collegiate Court, headed by an interim judge, sentenced the resort’s top executives to five years in prison.
In a statement, the owner of several hotels in the area of Bavaro said the judicial decision stems from a civil and commercial suit related to a confiscation lien, executed by a tenant in the complex, whose contract had expired and for default in payment.
It said the eviction order led to an accusation of larceny by robbery, then to temporary incarceration and a ban on leaving the country, “concluding with a sentence of alleged aggravated robbery.”
The sentence was handed down November 23, 2011, the same day in which United Kingdom ambassador Steven Fisher complained of a lack of legal security for foreign investors.
The sentence was appealed in the San Pedro Appellate Court, after the ruling by the Altagracia Collegiate Court, headed by interim judge Vicente Marte Jiménez, who replaced the presiding judge for that hearing, conducted with the other judges Arístides Dalmiro Heredia and Cindy Rosario Santana.
Barceló said faced with the ruling, the company and the defendants had denounced the irregularities and the investigation process to the former Chief Justice of the Supreme Court and the current Justice Minister, as well as the activities of which they’ve been victim of, by way of pressure by the plaintiffs to obtain an onerous transaction.
“We regret having to make this publication for the purpose of reminder of the repeated requests done by our company in that regard, but we feel abandoned in the face of so much injustice, by the evident absence of legal security, although we know that it isn’t generalized, and instead focused in concrete jurisdictions."
And the British ambassador slams the country on lack of investment security and cited a company he said recently shut its doors after being extorted..... (UPDATE) - Dominican business leaders rally behind the UK Ambassador..... (Update 2) - High court to probe judge’s possible link to UK Ambassador’s extortion claim....
Arturo del Tiempo, Torre Atiemar and 1200kg of cocaine sent from the Dominican Republic to Spain is the probably just the top of the iceberg behind the recent years construction boom in Santo Domingo. What's more interesting is that President Lionel Fernandez has stated that this project was a model for foreign investments in his country.......
INVESTOR WARNING - Major League Baseball player Julio Lugo, swindled out of RD$50.0 million (US$1.2 million) in the Dominican Republic. “This sends a bad message not only to Major Leagues players, but also to foreign investors afraid of investing their money in the country, fearing that what happened me can happen to them.” He said.....
The head of the East Region Hotels and Tourist Projects Association yesterday called the Higüey (Punta Cana and Bavaro) Titles Registrar “disorder and mafias” which creates uncertainty, threatens and scares away foreign investment......
Dominican Watchdog Note: This is just a few cases, there are hundreds of investment fraud cases in the DR and foreign investors are not likely to ever see their money again !!!
The President has promoted and financed one of two project with the national banks money..... What was there in it for him?