ENACAL Embargoes Unión Fenosa Property

April 25, 2008

Nicaragua’s state-run Water and Sewage Company, ENACAL, this week embargoed several properties and vehicles from Spanish electricity provider Unión Fenosa as collateral for a $1 million debt, according to Unión Fenosa’s spokesman Jorge Katín.

The “preventive embargo” was executed Monday with orders from a judge from the Third Civil Court of Managua.

Unión Fenosa has warned that any similar attempts to embargo company bank accounts would plunge the country back into another electricity crisis.

The government last August embargoed property belonging to U.S. oil company Esso Standard Oil in a tax payment dispute that later served as leverage in high-stakes round of business negotiations.

Katín, however, thinks that in this case ENACAL might be acting along because the Sandinista government has already negotiated a deal to buy 16% of Unión Fenosa.

“I don’t think the government would need to do this type of thing,” he told The Nica Times.

 

Facebook Comments

You may be interested

Buchón cantina: Spritz cocktails to dine for
Dining and Nightlife
657 views
Dining and Nightlife
657 views

Buchón cantina: Spritz cocktails to dine for

Natalia Díaz - October 18, 2018

Buchón was the first place I tasted the Aperol Spritz, months before it became fashionable around San José. In fact,…

Tico Times Shade: What does ‘middle class’ mean in Costa Rica?
Tico Times Shade
2088 views
Tico Times Shade
2088 views

Tico Times Shade: What does ‘middle class’ mean in Costa Rica?

Alejandro Zúñiga - October 18, 2018

It’s not often The Tico Times writes an explainer about basic Costa Rican daily living that’s equally surprising to a…

Costa Rica grants asylum to Nicaraguan activist Alvaro Leiva
News
784 views
News
784 views

Costa Rica grants asylum to Nicaraguan activist Alvaro Leiva

AFP - October 18, 2018

Costa Rica granted the Nicaraguan human rights activist Alvaro Leiva political asylum last week. Leiva is the secretary of the…