State sold US$5.0M mine for just US$95,000

Santo Domingo.- The Dominican of State-ownedbusinesses (Corde) sold a mine in Puerto Plata for just US$95,000, despite the MiningAgency’s (DGM) estimated property value of at least US$5.0 million.

That means that Corde’s price to sell the "ElPuerto Exploitation Concession" mine to the Argos Dominicana cementcompany was 53 times less than the real amount.

It was also one of the main reasons for theDGM’s rejection of the transaction carried out on January 11, 2013."Thesale price of this property of the Dominican State is well below its realvalue."

However Corde’s Board of Directors approved thesale on January 25, 2013, which was also conducted without a call for tenders, theauthorities note.

Mines director Alexander Medina Herasme revealedthe alleged irregular transfer, during an interview on Uno+Uno, on Teleantillas.

"We objected to it and also askedCorde’s director (Leoncio Almánzar Objío) that he had to have the Presidency’s approvaland the Public Company Reform Commission," in reference to the agency incharge of liquidating shuttered State enterprises and properties.