The Tico Times Online Daily Page

Daily Edition: San José, Costa Rica, July 1, 2003

BACK TO WORK: President Pacheco was back at the job yesterday, after taking a week break at the insistence of his doctor.
AFP/TT

'Vault' Remains Closed
Costa Rican authorities have decided that the offices of the unregulated high-interest operation known as The Vault Holding Firm will not be allowed to reopen for business, according to Warner Molina, the Special Prosecutor for Economic Crimes.
(Click for more)

Captured Colombian Fishing Boat
Was Running Drugs
The Colombian fishing vessel captured last Saturday 100 miles of the Pacific coast of Costa Rica was discovered to have 1,300 kilograms of cocaine hidden in its hold, according to the Security Ministry.
(Click for more)

Return To Top Of Page

July 1

Cooking Classes and Health Talks
Chef Luis Guillermo Castro will give recipes full of calcium. Dr. Eduardo Serra is talking about living to a healthy old age, Tues., July 8, at 9 a.m., at La Cueva Los Leones, Alajuela and Wed., July 9, 9 a.m., Sunset Restaurant. Info: 800-400-4000.

Open Courses
Including time management, music, guitar classes, first aids, and more, registration period is July 7-9, 9 a.m.-12, 2-4 p.m., at Estudios Generales Building, University of Costa Rica campus. Classes are July 11-24. Info: 207-4165.

Piano Recital
Harold Orozco will delight the public tonight at 7:30 p.m., at Eugene O’Neill Theater, C.R.-North American Cultural Center, Barrio Dent. Info: 207-4271.

'Vault' Remains Closed
By Tim Rogers
trogers@ticotimes.net

Costa Rican authorities have decided that the offices of the unregulated high-interest operation known as The Vault Holding Firm will not be allowed to reopen for business, according to Warner Molina, the Special Prosecutor for Economic Crimes.

Police, prosecutors and judges raided the offices last week in response to a $3 million fraud allegation filed by Vault partners Kells Faulkner and Rodney Strange. The raid ended tragically when Vault owner and president Roy Taylor committed suicide by shooting himself in the head. The Judicial Investigative Police's Internal Affairs division is investigating how Taylor managed to kill himself five hours into the intervention (TT, June 27).

Molina said The Vault will remain closed permanently while investigators try to determine how much money the firm had in its bank accounts and in real estate and other investments. Thus far, prosecutors have found close to $40,000 in Taylor's house, and sources close to The Vault claim they probably won't find much more in the firm's bank accounts.

Taylor had claimed his firm was worth more than $100 million.

Molina said no Vault investors have filed complaints of money lost to the firm.

The prosecutor's office now has the task of reviewing 40 boxes of documents confiscated from Vault offices and Taylor's apartment. Most of the documentation is in English, making the work even slower, Molina said.

Taylor's Costa Rican wife Lilliam Corrales has been sentenced to three months of preventive prison on fraud allegations. Vault bookkeeper Aracelly Valverde, detained by police during last Tuesday's intervention, has been released from jail but is not allowed to leave the country and required to check in with a judge every 15 days, according to Molina.

Prosecutors are investigating three other Vault partners.

Read Friday's TT print edition for more on The Vault.

Return To Top Of Page

Captured Colombian Fishing Boat
Was Running Drugs

BUSTED: 'Carlos David' held 1,300 kilograms|
of cocaine.
photo/Security Ministry

The Colombian fishing vessel captured last Saturday 100 miles of the Pacific coast of Costa Rica was discovered to have 1,300 kilograms of cocaine hidden in its hold, according to the Security Ministry.

The "Carlos David" was intercepted by the Costa Rican Coast Guard Saturday for fishing illegally in national waters. It was the second Colombian fishing vessel to be caught in Costa Rican waters in three days (TT Daily Page, June 30).

However, the fishy cargo carried in the Carlos David turned out to be packages of cocaine that were presumably heading to the United States. Authorities said the discovery reveals that drug traffickers are employing new methods to smuggle narcotics across borders.

The drugs and the eight-member crew have been detained by Costa Rican and U.S. authorities. The crew reportedly will be deported to the U.S. to face international drug trafficking charges.

Return To Top Of Page

Automatic Toll System Coming Next Year

Traffic congestion on the country's main highways could be reduced by as much as 60% next year thanks to a new automated "intelligent" tollbooth system. The new system will enable motorists to quickly pay toll using special rechargeable electronic wallet-sized cards, reported the daily La República.

Implementation of the new system was originally slated for the second half of this year, but was delayed as a result of concerns raised by the Comptroller General's Office regarding the project's funding.

The project will be joint venture between the National Roadway Council (CONAVI) and Banco de Costa Rica. The bank will be in charge of installing and operating the system, and will charge 30% of all tolls collected to cover its cost.

The system will use electronic debit cards similar to phone cards. The cards will be sold at Banco de Costa Rica branches, selected shops and at posts near each toll. There will likely be two denominations of cards, worth ¢1,000 ($2.50) and ¢10,000 ($25).

Each time the card is passed through the sensor, the toll will automatically be deducted. Each tollbooth will be equipped with a scale with which to weigh the vehicle and define how much it is required to pay. Motorists will be able to add additional funds to the cards.

Tolls generated more than $6 million in revenue last year. That amount is expected to increase this year as a result of the opening of the toll on the Bernardo Soto Highway to the western-slope town of Naranjo.

Return To Top Of Page

Chiquita Banana Sells Plantation to Workers

PUERTO ARMUELLES, Panama (AFP) Thousands of Panamanian banana workers in the the northern Chiriqui province - just south of the Costa Rican border - turned out yesterday for the ceremonial transfer of ownership of a 7,415-hectare banana plantation from Chiquita Brands International to the Cooperative de Servicios Múltiples workers' union.

The Cincinnati-based fruit giant, which has owned and operated the Puerto Armuelles banana plantation since 1927, decided to sell the land to the 3,000-member union for $20 million last April, after reportedly losing $90 million over the last decade. The plantation hand-over is one of the largest in the banana industry's history.

The Puerto Armuelles Plantation accounted for one-third of Chiquita's Panamanian banana production and 6% of the company's Latin American operation. Under the terms of the agreement, Chiquita will buy bananas from the co-op - run plantation for the next 10 years.

Chiquita, which will continue to run its other Panamanian plantation in northern Atlantic province of Bocas del Toro, reportedly gave the new plantation operators a $5 million loan to close the transaction and pay employee salaries.

Return To Top Of Page