SOMETHING ELSE "privatization"
Pomalca - Tuman - Cayalti (LAMBAYEQUE)
BACKGROUND:
Pomalca Agroindustrial Company, founded in 1821 in the Department of Lambayeque in 1902 was established as an agricultural society, in 1920 took over the family of the Stone and with the Process of Agrarian Reform (Decree Law No. 17,716 June 24, 1969) led by General Juan Velasco Alvarado who introduce the cooperative model, became Pomalca in a cooperative as it was awarded to its employees and, in the mid nineties becomes a corporation.
cooperative management was not successful, in addition, the reduction in industry production of sugar cane, the economic crisis, state intervention (interference in the price of sugar), workers who lacked management skills, for Fujimori government transfer these economic activities to economic groups. With the Legislative Decree No. 802 established a Special Program Tax Adjustment, whereby SUNAT condone up to 70% and 30% capitalized of tax debts of the sugar.
LEGAL BACKGROUND:
Legislative Decree 802, of 1996, financial and economic Sanitation Act of farms sugar. Supreme Decree 005 - 2006 regulating the legislative decree 802.
The Act provides for the sale of shares of state agricultural enterprises Sugar Not Involved in Privatization Process Scheme of Legislative Decree No. 802, Law No. 27,488 of June 21, 2001, empower the agricultural enterprises sugar whose actions received the State as a result of financial consolidation process, which are included in the Process Private Investment Promotion, they may opt, within the law, majority agreement of the General Meeting to acquire such shares, sugar farm businesses may cancel the sale price determined by the COPRI, within a maximum period of 02 years, redeemable in periodic installments, without interest.
Business Activity Law of the Sugar Industry Act No. 28027 of 2003 during the administration of former President Alejandro Toledo. The purpose of this rule was to encourage the development of the domestic sugar industry regardless of organizational form, among the most important aspects are: the process of the capitalization of the tax debt, is provides exceptionally Rescheduling Regime Contributions of Agricultural Enterprises Sugar Private Pension Fund for pension liabilities of the private pension system, asset protection for a period of twelve months were suspended the implementation of precautionary measures, among others, also suspending the application of capitalization of debts specified in the law. The purpose of the rule was the raising of the sugar agro-enterprises in the country.
Law No. 28288 to grant new extensions to undertakings covered by Act No. 28027, establishing clarifications, modifications and extension of deadline for completion of the capitalization process of tax arrears, prolonged until December 2004 Asset Protection, in the same line of Laws No. 28,448, 28,662, 28,885, 29,299 and 29,388.
Act Expanding the Wealth Protection and Transfer of Equity Interest of the State agricultural enterprises Sugar Law No. 29,299, extends the deadline until December 31, 2010 for asset protection, establishing that are limited companies in which 1 January 2009, the State maintains that equity benefiting from the norm. Another important aspect of this rule is within 180 days after the enactment of Law No. 29299 for Proinversión started, under responsibility, the process of transfer of equity that the State has in these companies, also, that law will set a period of 90 days a sugar farm businesses benefiting from this law for submission to the financial statements Conasev audited and approved by the General Meeting of Shareholders.
Subsequently, Law N º 29388, Law Amending Article 2 of Law 29299, Law of Expansion of Wealth Protection and Transfer of Equity Interest of the State agricultural enterprises Sugar sets a deadline of 180 days for Proinversión start under responsibility for the process of transfer of equity interest the state has in these companies. Also, given the preferential right Proinversión workers sugarcane farm businesses and workers who jointly represent at least 20% of workers with employment contracts for an indefinite period and have more than three months seniority may exercise the right of first refusal on all shares, in a period that corresponded to Proinversión set. The rule empowers bounded Proinversión to provide facilities on the deadline and payment for workers to exercise their right to acquire shares of the State in accordance with Article 2 of Law N º 29299.
SCHEDULE OF PAYMENTS:
Law N º 29299 Law Expansion of Wealth Protection and Transfer of Equity Interest of the State agricultural enterprises Sugar 2008, provides that Indecopi under the responsibility of verifying the submission of documentation required to qualify for expansion of asset protection, that agricultural enterprises sugar updated and presented the program Refloating Management, Recognition Program Obligations and the Schedule of Payments to Indecopi within a maximum period of one year from the effective date of Law No. 29299 and Recognition Program Obligations and the payment schedule will be adjusted periodically until June 2010 that prioritized schedule payments of salaries, benefits, food and social security contributions.
ASSET PROTECTION COMES SINCE 2001, only three companies are still debts to creditors and a privileged position compared to other companies in the market for these companies the situation far from improving gets worse over time.
MARKET STATE PAPERS ... ... ... BIOFUELS MARKET IN WAITING
The sugar company shares are publicly traded after the deadline established by the Heritage Protection Act, have been increasing their values \u200b\u200band actions Pomalca Tuman, but the announcement made by the Government to restrict exports to the U.S., a possible domestic sugar shortage has interfered in the market downward.
Equally important may be the subject of analysis is the sugar industry through which they can meet the market demand for biofuels, bio-sugar, no doubt, are hoping to encourage investment in agricultural development and agribusiness, more employment in the country, among others.
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