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Cementera de Cartes continues without producing and in recent months its debt has already climbed to USD 282,000,000.

Cementera de Cartes continues without producing and in recent months its debt has already climbed to USD 282,000,000.

The star enterprise of the Cartes group, the CECON Cement Company, continues without production and its debt in recent months has climbed to USD 282,000,000. The former president’s company has debts with 10 banks and bond issuance commitments, in addition, it owes the SET, suppliers and even the IPS.

The president of Cementos Concepción is José Ortiz, the firm has a social and integrated capital of G. 360,000,000,000. The main shareholder is Horacio Cartes, with 60% participation, followed by Jiménez Gaona and Lima construction company SA with 25%, José Ortiz 10% and Jorge Luis Méndez 5%.

CECON has financial debts for a total of USD 162,402,013. Sudameris Bank alone owes USD 45,000,000, USD 21,042,000 to Banco Familiar, USD 20,000,000 to GNB, USD 19,584,000 to Continental, in addition to accounts to settle with other banks such as Río, Bancop, Interfisa, Visión, Regional and BNF.

Detail of SECON current debts 09/30/2022

On the other hand, the cement company of former President Cartes issued bonds on several occasions since 2020 for a total of USD 106,197,000. The largest issuance was made recently, for a total of USD 25,000,000 in the long term until the year 2028. It also made a short-term loan on September 21, 2022 of USD 3,000,000 from Tabesa, a company belonging to Horacio himself Cartes, who sold cigarettes to the cement company CECON for USD 2,325,205.

The cement company even has commercial debts with suppliers for USD 10,657,000 only for the year 2022, in addition, SECON has debts with SET for USD 10,978, IPS 104,182 and other debts for USD 283,587, according to the report of the firm’s Financial Statements.

After being declared significantly corrupt by the US, the economic situation of Horacio Cartes became complicated. Tabesa’s bank accounts at the BNF were canceled, thus losing the possibility of moving money abroad.

The company Cementos Concepción (CECON), three years after its installation, began to produce only in trial mode, its products have not yet been marketed.

Cartes is underfunded and only his Cement Company owes USD 282,000,000, but the former president needs to maintain more than 70 companies without them making significant profits, except for Tabesa, the rest would be used to diversify dirty money from cigarette smuggling.

For all this, Horacio Cartes is playing all or nothing in the ANR party inmates this Sunday, since he needs to recapture the political power of the Executive to redirect his current businesses and facilitate new ventures for his group and his environment.

The full CNV report is available here:

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