Ex-owners of Caminosca must pay 14.8 million to the Australian company Cardno

Ecuadornews:

Caminosca’s shares will return to its former shareholders and they will have to return USD 14.8 million plus interest to the Australian firm Cardno. They will also have to pay USD 4.5 million for legal fees. The resolution of the Court of Arbitration of Florida (USA), invalidated the sale made in 2014. Cardno presented evidence indicating that the four former defendant partners would have breached the US law on corrupt practices abroad.

The previous owners were: Carlos Jacome, Eduardo Jacome, Rafael Jacome, and Galo Recalde. These Ecuadorian businessmen, according to the Cardno investigation, would have set a scheme of unjustified payments to high public officials in exchange for contracts.

To carry out the transfers, ghost firms were used: Asesorías Australes, of Chile, and Crown Mergers, of Spain, which have accounts in the US, Brazil, Spain, etc. This information was hidden in the sale process of the company, which was established in 1976 for engineering activities and whose main client has been the Ecuadorian State. (I)

Source: http://www.elcomercio.com/actualidad/exduenos-caminosca-pago-cardno-toachipilaton.html