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Sugeval Levies Fine against Multifondos
- Wednesday, 14 September 2011 05:23
- Last Updated on Monday, 12 September 2011 08:54
- Written by Rod Hughes
Buying buildings not yet constructed is costing the Multifondos SFI investment company 49 million colones in fines. SUGEVAL, the watchdog agency that is the equivalent of the Securities and Exchange Commission in the United States, ruled the firm in violation of finance law.
Multifondos general manager Antonio Perez defended the investment violation, claiming that Sugeval did not take into account that the buildings were considered agro-industrial land partly constructed.
However, Perez said the company would not appeal the regulatory agency ruling.
A commentary on the El Financiero news blog called SUGEVAL's ruling "a witch hunt."
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