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Santo Domingo.- The President of Dominican Republic’s opposition party (PRD) denied Wednesday that the US$15.0 million loan with the State-owned Reservas bank was irregular. Miguel Vargas said his company, General de Galerias Comerciales Mundo Mall, S.A., has paid US$1.7 million interest to date, at a rate of 9%.

"It's a vicious, malicious and divisive statement made Monday by the sector which in recent years has been characterized by maintaining a disrespectful and disruptive behavior on the progress of our party’s institutionalism," he said.

A group of PRD leaders, led by Milagros Ortiz Bosch, called the debt a "political loan" and Vargas’ betrayal of the PRD during the 2012 campaign for the presidency.

But Vargas, during a press conference at the hotel Embajador, calls the allegation as strictly politically motivated. He said the process for the loan lasted seven months, from July 2011 to February 2012.

He also said that his company is worth more than US$600 million and assets of more than RD$4.0 billion.


Vargas added that as collateral his company put up real estate owned by the company, worth more than US$44 million, with their titles in order.

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8 comment(s)
Written by: RoyStone, 16 Jan 2014 7:58 AM
From: Australia
Nothing "irregular" about corruption in DR.
Written by: JHCL2016, 16 Jan 2014 8:52 AM
From: Dominican Republic, PA' LANTE: Danilo 2016 * Leonel con Visión 2020!

If Brazil is about to jump from a bridge just for a few haitians, what Dominicana to do?

Written by: bernies, 16 Jan 2014 9:07 AM
From: Dominican Republic, Juan Dolio
Why would Milagro Ortiz Bosch allowed herself to be put in situation, I feel sorry for the future of her political carrer. What a shame.
Written by: bernies, 16 Jan 2014 9:11 AM
From: Dominican Republic, Juan Dolio
I am a nobody and I have gotten two mortgage loans in time record of just about 3 weeks each one, so for vargas to get a mortgage loan shouldn't be hard given the fact that he owns lots of real estate and had been doing significant amount of business in this country.

Written by: Atabey, 16 Jan 2014 9:14 AM
From: United States, Bring DT Forum Back--

Just a last bid power play move that will not change the fact that The Hippo has lost control of the PRD.

joseanus ain't getting his back pay.


Written by: josean This user is banned, 16 Jan 2014 9:57 AM
From: United States, Guillermo President 2016 Because Our Future Depends On It!

Oh oo! Now one of Lie-onel’s own PURPLE BOYS contradicts Miguel Vargas!


Préstamo a Miguel es solo “la punta del iceberg”, afirma Melanio Paredes

The loan to Miguel is only "the tip of the iceberg", said Melanio Paredes

Paredes dice hay transacciones iguales a la de MVM

Paredes says there are transactions equal to the MVM

El dirigene del PLD aseguró que existen situaciones similares dentro y fuera del gobierno y que afectan al sistema político dominicano

The PLD leader said that there are similar situations inside and outside the Government and they are affecting the Dominican political system

Written by: Perception This user is banned, 16 Jan 2014 10:58 AM
From: United States, § 12 - 'A' D'is'CI'P'L'E of P'L'at'O'.

Written by: blue105, 16 Jan 2014 11:12 AM
From: United States
Great story JHCL2016, Its really interesting how the world community reacts to a few illegal Haitians, then turns around and demands the Dominican Republic take in millions, So they don' have to deal with their responsibility!
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