President Fernandez in the meeting.
Santo Domingo.- A group of local moguls headed by Juan Bautista Vicini, the brothers Héctor and Samir Rizek, Mícalo Bermúdez and Jose Luis Coripio (Pepín), has bought the 121 year old newspaper Listin Diario for US$38.5 million, seven years after the fraudulent collapse of its owner the bank Intercontinental (Baninter).
Listin’s new owners met with president Leonel Fernandez and Central banker Valdez Albizu yesterday in the National Palace, where the sale was announced.
After the meeting Valdez Albizu told journalists that another Baninter property would also be sold by the Baninter Liquidation Administrative Commission. He said the new shareholders immediately paid US$9.6 million to Baninter, represented by the Central Bank.
The buyers will pay the Liquidation Commission the remaining sum within five years, in 10 equal and consecutive quotas of US$2.9 million every six months plus interests calculated on the Libor rate, and two percentage points within the parameters established in the Central Bank Regulation for seized assets.
From: Dominican Republic, No Spin Zone
Return this institution to its primacy .....Moguls ....you got that right
From: Dominican Republic, NEVER FORGOTTEN, NEVER FORSAKEN!
....and all this money should go to the state and use it to close the gap that the Banintel collapse created, by investing it on education and health, we have too many roads already, let's educate our kids.
Written by: juanb, 31 Aug 2010 8:20 AM
From: Dominican Republic
We have too many potholed, gutted, unpassable roads.
Nonetheless, we have to start to educate our children and leave the roads in their horrible condition.
Written by: generoso, 31 Aug 2010 9:27 AM
From: United States, Quisqueya
Listin Diario was circling the drain since it was acquired by the Baninter family and remained in their control after Leonel in 2004 gave it back to Ramoncito's Baez father.
The editorial content is null, the classified ads are no longer the best, with the stiff competition of Diario Libre, and others.
The main newspapers are being bought out by the powerful economic groups, hopefully the Listin will recover their independent editorial content, long lost since their legendary editor in chief, Rafael Herrera, passed on to the afterlife.
Written by: Grosero, 31 Aug 2010 9:42 AM
From: United States
The Spanish Version of FIX NEWS NETWORK...
Instead of bashing democrats, Leonel's group of local moguls will no longer print any fraudulent collapses of any kind on Fernandezs' watch
Written by: zooma, 31 Aug 2010 9:52 AM
From: United States
The purchase comes at a price of loss of independent editorial content. Do not expect editorials alluding to administration of sugar plantations, cacao production, sport teams, and mass media.
From: Dominican Republic, No Spin Zone
let us hope for the best ......Listin should have a balanced editorial position
From: Dominican Republic, Puerto Plata
Most of those guys are above politics.
They might censor stuff they don't like, but the editorialists can have all the field days they want with little intervention.
Written by: Rainman, 31 Aug 2010 10:31 AM
From: United States
I dont understand why make the anouncement at the presidential palace. This gives the impression of a friendly commitment not to criticize the president and his administration. The press should be free of any pressure by any political side neutrality and objectivity should be it's mantra.
Written by: juanb, 31 Aug 2010 10:43 AM
From: Dominican Republic
Rainmana:
+1
Written by: anthonyC, 31 Aug 2010 10:45 AM
From: United States
US$38.5 million???? For a dying media?
Something shady is going on.
From: Dominican Republic, vieja Santo Domingo
This may be hard for some to understand , but it is standard practice for companies in the limelight , such as daily newspapers , to show respect to the office of the national leader and as these highly respected figures who have purchased the paper have undoubtedly good manners , they met with the President and the Central Banker to confirm they would abide by the purchase conditions, set out by the Central Bank, which have national benefits .
Written by: generoso, 31 Aug 2010 2:30 PM
From: United States, Quisqueya
Baloney Ricardolito, you are lost in space as usual. (Play the Twilight zone theme song).
They met with the president to brown nose him and make it a public show that they remain in bed with the PLD, and can be counted on.
I hope that none of the purchase price went to the Baez Romano or Ramoncito Baez pockets, that would be another mockery by the goverment of the taxpayers money.
I remember when it was taken over by Hipoloco Mejia's government and the debts they had were over US$100 million to Baninter. People must remember that this newspaper was the principal office and power base of Baninter's CEO, Ramoncito Baez, and the place where he did much of his business in.
From: Dominican Republic, vieja Santo Domingo
yes , good manners can be combined with sound business sense ,,they are not necessarily separated .so no need to give your self the usual plus . The three are certainly well acquainted with the President and the President is very well aware of the Baninter case in a variety of ways so it would have been surprising if the new proprietors did not seek the meeting with the President and of course with the Central Banker .
I am not sure if you are trying somehow to link this purchase of the paper with the fraudulent collapse of the Bank ..but for me I am happy to see the paper have a new life and for the proprietors to have a fair go at making it a success..It was only several weeks ago that we lost a smaller paper .
From: Dominican Republic, vieja Santo Domingo
I assume when you say lost in space you mean that I do not stoop to the low based comments made here without any evidence but simply on suspicion ..I would be prefer to keep above all that .
From: Dominican Republic, No Spin Zone
SANTO DOMINGO, DOMINICAN REPUBLIC
A partnership of Dominican businessmen has bought this Caribbean country's oldest daily newspaper and its radio stations, officials announced Monday.The Dominican Republic's Central Bank formalized the sale of Listin Diario to a group of 20 wealthy investors, who said in a statement they shared a commitment "to preserve and be faithful to the historical legacy" of the 121-year-old company.
Financial terms were not disclosed, but officials said the total cost includes the roughly $51.8 million the media company owes to the government, which temporarily seized and ran the newspaper after a severe banking crisis in 2003.
The investors, including Juan Bautista Vicini Lluberes of the Dominican sugar giant Vicini and media mogul Jose Luis "Pepin" Corripio, met with President Leonel Fernandez on Monday to vow that the debt will be paid.
From: Dominican Republic, No Spin Zone
The sale of the newspaper and its radio stations took shape after more than a year of negotiations with the chief of the Central Bank, Hector Valdez Albizu.
Listin Diario was owned by the prominent Pellerano family from its founding in 1889 until 2000, when it was bought by Ramon Baez Figueroa, head of Banco Intercontinental, then the country's second biggest bank.
The government took over the newspaper temporarily after the bank collapsed in May 2003 after losing some $2.2 billion through embezzlement, fraud and bad deals. Baez was fined $1.9 million and sentenced to 10 years in prison.
Listin Diario has a daily circulation of 60,000.
" Genoroso for Editor in Chief "
Written by: generoso, 1 Sep 2010 7:21 AM
From: United States, Quisqueya
Blutarsky
I accept. LOL. May the fireworks begin.
BTW Ramon Baez Romano (Ramoncito (Baninter) father remained as president and so did Miguel Franjul, the boring editorialist.)
From: Dominican Republic, No Spin Zone
you mean same shit .... different pile ?
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Nonetheless, we have to start to educate our children and leave the roads in their horrible condition.
The editorial content is null, the classified ads are no longer the best, with the stiff competition of Diario Libre, and others.
The main newspapers are being bought out by the powerful economic groups, hopefully the Listin will recover their independent editorial content, long lost since their legendary editor in chief, Rafael Herrera, passed on to the afterlife.
Instead of bashing democrats, Leonel's group of local moguls will no longer print any fraudulent collapses of any kind on Fernandezs' watch
The purchase comes at a price of loss of independent editorial content. Do not expect editorials alluding to administration of sugar plantations, cacao production, sport teams, and mass media.
They might censor stuff they don't like, but the editorialists can have all the field days they want with little intervention.
+1
US$38.5 million???? For a dying media?
Something shady is going on.
They met with the president to brown nose him and make it a public show that they remain in bed with the PLD, and can be counted on.
I hope that none of the purchase price went to the Baez Romano or Ramoncito Baez pockets, that would be another mockery by the goverment of the taxpayers money.
I remember when it was taken over by Hipoloco Mejia's government and the debts they had were over US$100 million to Baninter. People must remember that this newspaper was the principal office and power base of Baninter's CEO, Ramoncito Baez, and the place where he did much of his business in.
I am not sure if you are trying somehow to link this purchase of the paper with the fraudulent collapse of the Bank ..but for me I am happy to see the paper have a new life and for the proprietors to have a fair go at making it a success..It was only several weeks ago that we lost a smaller paper .
A partnership of Dominican businessmen has bought this Caribbean country's oldest daily newspaper and its radio stations, officials announced Monday.The Dominican Republic's Central Bank formalized the sale of Listin Diario to a group of 20 wealthy investors, who said in a statement they shared a commitment "to preserve and be faithful to the historical legacy" of the 121-year-old company.
Financial terms were not disclosed, but officials said the total cost includes the roughly $51.8 million the media company owes to the government, which temporarily seized and ran the newspaper after a severe banking crisis in 2003.
The investors, including Juan Bautista Vicini Lluberes of the Dominican sugar giant Vicini and media mogul Jose Luis "Pepin" Corripio, met with President Leonel Fernandez on Monday to vow that the debt will be paid.
Listin Diario was owned by the prominent Pellerano family from its founding in 1889 until 2000, when it was bought by Ramon Baez Figueroa, head of Banco Intercontinental, then the country's second biggest bank.
The government took over the newspaper temporarily after the bank collapsed in May 2003 after losing some $2.2 billion through embezzlement, fraud and bad deals. Baez was fined $1.9 million and sentenced to 10 years in prison.
Listin Diario has a daily circulation of 60,000.
" Genoroso for Editor in Chief "
I accept. LOL. May the fireworks begin.
BTW Ramon Baez Romano (Ramoncito (Baninter) father remained as president and so did Miguel Franjul, the boring editorialist.)