2024-02-14 21:29:09
stock photo
The former president of the Republic, José Mujica, said this Wednesday that the closure of the Uruguayan airline Pluna was the only way out for this flag company that had been bankrupt “for a decade”, but he stressed that governments are responsible.
“Pluna was something that had been dead for a decade,” the former president told VTV. He stated that the alliance with the Brazilian Varig and the subsequent actions, “the only thing they did was aggravate the matter.”
He recognized that the national administrations that were there at that time were responsible and that, although with this “we did not fix anything,” it is a “loss of value for the Uruguayan people.”
“Someday it may be that the generations to come will wake up and we Latin Americans will be less cuckold and we will be able to create a court of law that forces transnational companies and foreign investment to sue here,” he remarked.
He added that “it is the price we pay for dependency” because “Latin Americans have managed to create a court on human rights, but in matters of commercial law we depend on the rulings of the justice system of the rich world.”
Uruguay sentenced to pay US$80 million for the closure of Pluna
The International Center for Settlement of Relative Disputes and Investments (ICSID) has ruled an unfavorable resolution against the Uruguayan State in relation to the closure of the national airline Pluna, during the administration of José Mujica.
The ruling indicates the responsibility of Uruguay due to the lawsuit filed by a Panama company that was a shareholder of Pluna. The complaint, initiated and under investigation since 2019, sought to obtain financial compensation.
In this verdict, the ICSID has stipulated that Uruguay must pay the company the total sum of US$80 million, as established in the ruling issued in New York, United States.
The figure is this large due to the calculation of interest accrued since the airline’s closure. Initially, it had been set at US$30 million. In addition, the document indicates that there will be a fine of US$500,000 for each month of delay in payment by the Uruguayan State.
#Pluna #dead #decade #Mujica #ruling #Uruguayan #State