Alvaro Noboa avoided the auction of his cardboard company

Fernando Alarcon, legal director of Industria Cartonera Ecuatoriana S.A. (that belongs to the Noboa Group), paid the nearly four million dollars ordered by the Ministry of Labor not because it recognizes the alleged legality of the measure, but to safeguard the interests of the entire corporation.

If the debt was not paid, according to Alarcon, the auction of the cardboard company would have been executed at a value well below the real. The lawyer explained that the authorities defined the price of the property based on the cadastral valuation, without consulting an expert and without making the respective publications in the media, according to him, contravening what the Code of Civil Procedure states.

Once the payment was made, it was ordered to lift the precautionary measures against more than 50 companies of the Noboa Group. Alarcon said that a petition for protection action was filed February in the Constitutional Court.