CINN Comunicada de Prensa de 13 de Enero 2103
Nueva York, NY. Doce de junio de 2013
CINN Press Release June 13, 2103
The CINN "Dry Canal" Project
New York, NY: June 13, 2013
The Board of Directors and shareholders of Canal Interoceánico de Nicaragua, S.A. (“CINN”) oppose the Government of Nicaragua and the National Assembly plans to grant the same concession for the Dry Canal Project to a Hong Kong company. This is a clear violation of law.
CINN is a Nicaragua corporation originally formed in 1995 by international investors and resident Nicaraguans to develop, construct and operate the Interoceanic Railroad and Ports Project, popularly called the Dry Canal.
Decreto 2878 was published in La Gaceta on 16 May 2001 authorizing the Project concession to CINN and exclusivity for 40 years.
Despite repeated requests by CINN, the Government of Nicaragua have not issued the permits to CINN to conduct the studies as required by law. This violation of the terms of the Law has prevented CINN from conducting the studies and proceeding with the Project, causing substantial economic damage to CINN. Today, CINN again calls upon the Ministers of the Ministry of Transportation and Infrastructure (MTI) and MARENA issue the permits to CINN.
CINN has met all requirements imposed upon it by the Government of Nicaragua and has proven its capabilities by conducting the successful Viability Study and Environmental Pre-Feasibility Study, presented the Project to the National Assembly and conducted meetings with civil society along the proposed railroad route and location of the proposed ports to educate the public about the Project and obtain consensus support.
CINN signed the Agreement with the Mixed Commission of the Legislative and Executive Branches of the Government of Nicaragua, which recognized CINN's “first option rights” for the Dry Canal Project conceived by CINN. CINN completed the Viability Study by top Belgian, USA and Canadian companies which was accepted by the Government of Nicaragua. The MTI directed a letter to the President of CINN, which stated that the Nicaraguan government recognized “that CINN has created and developed, in its view, a project that was worthy of being given the first option for construction.”
CINN shareholders are from more than 10 countries, and when Government officials interfered with CINN’s business, CINN shareholders had no choice but to file lawsuits in Federal Court in New York. A major Nicaraguan newspaper El Nuevo Diario published an article on October 27, 2001 entitled “Verguenza Nacional” describing the Project’s obstruction as a “National Shame”. CINN has persisted in developing the Project and despite all improper and immoral actions taken against the company by certain privileged groups who think of themselves as the new Nicaraguan “elite”, CINN is dedicated to complete the Project for the benefit of Nicaragua and the Nicaraguan people.
CINN’s Project is subject to Nicaraguan law and will not impinge on the sovereignty of Nicaragua. The construction is more economical and effective than the water canal, at a cost of US$3.5 Billion with construction to be completed between 4 to 5 years. The United Nations Development Program has estimated that the construction will generate 20,000 direct jobs, and three times that number indirectly. The railroad and ports will permanently employ about 7,000 skilled workers. The owners of the land where the railroad will pass will be indemnified and realize other benefits, such as access to utilities to their advantage.
CINN respectfully requests that President Ortega reaffirm his support for CINN and remove all bureaucratic obstacles for CINN to develop the Interoceanic Railroad and Ports Project, which is critical to the future of Nicaragua’s economy.
For additional information contact:
+1 718 351-0929
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