North America Edition
Eight years ago, it seemed like a dream come true, as well as an unprecedented opportunity for thousands of farmworkers: to become owners of the largest banana property in the country. It was not to be. The hacienda La Clementina, located in the rural parish of La Unión, province of Los Ríos, is set to be auctioned in a few weeks. Since October 13, it has been under the control of its creditor, the Corporación Financiera Nacional (CFN).
The debt of more than $70 million that the Cooperative of Production and Marketing of Clementina Workers-owners (Cooproclem) still maintains with the CFN was declared of expired term. This means that the Cooperative has failed to comply with several conditions agreed in the credit agreement.
Source: ecuadortimes.net
