Somoza family assures that Cemex will keep control

Somoza family assures that Cemex will keep control
31 December 2004

The Somoza dynasty, after celebrating a legal victory following a court ruled that Cemex must return the Nicaraguan cement company Compañía Nacional Productora de Cemento (Canal) to its owners, has now offered guarantees to the Mexican firm that won a 25-year contract to rent out Canal, beginning in 2000.
Antonio Morgan, the legal representative of Isabel Ucruyo, president of Canal and the widow of one of Anastasio Somoza’s sons, offered Cemex legal guarantees so that it can continue to lease the firm during the remainder of its contract. "There is no intention or possibility of canceling the leasing contract between Canal and Cemex.

The contract is still in effect and will be until its termination; it will never be prematurely cancelled", stated Morgan.

Published under Cement News