The 12 million dollar loan from the Social Security Board to the Santander group - it's become a political piñata this week -with everyone taking a swing at the controversial investment.
Well - the doubters won out, and Santander backed out, announcing today: "thanks, but no thanks" - they won't be taking the loan because of the political controversy. Chief Financial Officer Andres Ayau explained his company's aversion to political controversy at a Press Conference at the Biltmore this morning:...
Andres Ayau, CFO - Santander Group "It's sad enough to say that this issue was politicized and it's been a negative connotation and due to this negative media coverage we decided to actually use another lender, an international lender to cover that participation. That being said, we would like to leave the door open for Social Security Board and we are announcing here that we are doing and additional investment around this project for expansion of the factory and the sugarcane fields of 15 million US dollars and we continue our invitation to Social Security to participate in that's transaction. We hope that these issues can go beyond the politics around it and that we can see that these are safe and sound transactions. We will apply again for those funds. Like I say, we remain committed to offering these returns. I think it's a sound investment. I think it's something that the public and Social Security should take a very close look at."
Email
Print
The 12 million dollar loan from the Social Security Board to the Santander group - it's become a political piñata this week -with everyone taking a swing at the controversial investment.
"It's sad enough to say that this issue was politicized and it's been a negative connotation and due to this negative media coverage we decided to actually use another lender, an international lender to cover that participation. That being said, we would like to leave the door open for Social Security Board and we are announcing here that we are doing and additional investment around this project for expansion of the factory and the sugarcane fields of 15 million US dollars and we continue our invitation to Social Security to participate in that's transaction. We hope that these issues can go beyond the politics around it and that we can see that these are safe and sound transactions. We will apply again for those funds. Like I say, we remain committed to offering these returns. I think it's a sound investment. I think it's something that the public and Social Security should take a very close look at."