Ecuador's IRS values goods at US$136M for banana baron sell-off - FreshFruitPortal.com

Ecuador's IRS values goods at US$136M for banana baron sell-off

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Ecuador's IRS values goods at US$136M for banana baron sell-off

Ecuador's richest man, banana entrepreneur Alvaro Noboa, has been called on by the country's Internal Revenue Service (SRI) to auction off goods and land in order to cough up US$93 million in unpaid taxes from his company Bananera Noboa, newspaper El Universo reported.

Alvaro Noboa

Alvaro Noboa

The SRI has placed a value of more than US$136 million on the company's goods, including six planes, two yachts, nine vehicles, seven properties in the Playas canton and the La Clementina banana plantation.

SRI director Carlos Marx Carrasco said the goods would be sold from Sep. 22-31.

Carrasco added that goods were usually sold at two thirds, perhaps 70% of their value, and the surplus would be returned to the company.

He told the publication that authorities would "turn the page on this case that has been fastidious, torturous, full of procedural incidents".

"We hope there won't be another one," he was quoted as saying.

"I want to say that there is still the possibility that the managers and owners of the indebted company approach and pay the debt, not a cent more or a cent less."

Photo: Alvaronoboa.com

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