Csota Rica News – The Banco Nacional gave a credit of ¢26,878 million (about $45.5 Million) to the Hidrotárcoles company for the Capulín San Pablo plant in Turrubares.
Following problems leading to believe that the project would not be finished, the bank took to the court a request that the Costa Rican Institute of Electricity (ICE) take over the responsibility to finish it.
The judge described the fact that the bank gave a guaranteed credit to an undeveloped work as “inconvenient and unfortunate.” In resolution No. 571-2018-T, judge Rodrigo Huertas officially dismissed the arguments of the bank.
It was not possible to show how ICE is linked to the project, much less that it should assume the debt and completion of it. The debt was taken out by the Hidrotárcoles company alone. ICE was not involved and it is not on the institution’s land.
ICE would have even incurred invasion of private property if it were to take over the project. Since the court has freed ICE from having to take on the Hidrotárcoles project, ICE is now able to stop protecting the private property with public funds.