Nicaragua Confiscates Tourism Real Estate


News from Panama / Thursday, February 23rd, 2012

Speaking of Nicaragua, this  is what I am talking about when you decide where you want to move.  This is like Venezuela where seizures of property  is raising eyebrows with investors.

Business associations are demanding to know the legal basis for an intervention at Hotel Punta Teonoste, where 20 acres of land were confiscated, to be handed to the former rebel leader Eden Pastora.

President of the Superior Council of Private Enterphrise, COSEP, Jose Adan Aguerri, said the episode provokes uncertainty, which affects “all Nicaraguans in the country, it is the government, it is our image, it is employment, it is investment attraction, and that’s something we’re going to protect.”

The seizure was carried out, apparently without an authorized warrant, by the Attorney-General’s Office (PGR), whose director Hernan Estrada said: “We will continue to respect private property, but we will continue to exercise the rights of the State identifying what belongs to the State under existing laws. ”

For his part, the President of the Nicaraguan Institute of Tourism, Intur, Mario Salinas, said he disagrees with the handling of the Teonoste Punta property, a tourist hotel located in Rivas, and said that this type of action creates concern for investors.

Source: laprensa.com.ni