Panama Banana
Cooperative Loses Millions
PANAMA - The Panamanian Multiple Service
Cooperative of Puerto Armuelles (COOSEMUPAR),
specialized in banana production, has
accumulated losses estimated at $200
million, due to a halt in its exports.
According to sources of the sector,
suspension of sales abroad dates back to
late 2008, with a subsequent negative impact
on the entity's financial situation.
This week, the Panamanian Autonomous
Cooperative Institute (IPACOOP), stipulated
cancellation of the legal status of
COOSEMUPAR and its liquidation, based on the
damages to farms and administrative
anomalies since 2004.
The cooperative has about 7413 acres of
banana plantations, severely affected by
black Sigatoka.
In addition, the 2,800 workers of the entity
have not earned wages for seven months,
taking into account that the government
decided to suspend the subsidies granted for
salaries.
Besides, COOSEMUPAR has debts of around $40
million, with entities such as the
Panamanian National Bank, the Social
Insurance Fund, and the Institute of
Agricultural Insurance.
Workers of the Chiriqui Land Company (SITRACHILCO)
Union disagreed with the liquidation ordered
by the government, since workers were not
taken into account to adopt that measure. |
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