business

Figali owes millions

Grupo F. Internacional, the company owned by controversial developer Jean Figali, owes more than $10.9 million to the Unidad Administrativa de Bienes Revertidos in the Ministerio de Economía y Finanzas (MEF).

The company's debt represents about half the money owed to the agency, which has outstanding bills totaling $21 million.

Grupo F. received a concession for a project in Amador totaling 19 hectares, but hasn't made a lease payment to the government since 2005.

The threat of litigation has prevented the agency from collecting any money from the company.

"We can not do anything because [of decisions] by the Supreme Court," said Julio Ross, director of the Unidad Administrativa de Bienes Revertidos. "As a Panamanian, I am very insulted by this."

Figali's close association with former Supreme Court Judge Winston Spadafora has prompted criticism of favorable judgements the developer has received.

One of those judgements prevented the developer from facing sanctions by the Autoridad Nacional del Ambiente for violating an environmental impact assessment for a project it is doing on the Amador causeway.

The Autoridad Marítima de Panamá reported that Grupo F. is current with its lease payments for that property, but said that the company received a deal to lease the land far $1,500 a month, far below the market price.