Response from Fifco Regarding Article “Largest Papagayo Investors Dealt and Stashed Money in Tax Havens”

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FIFCO is a company that has been around for more than 100 years, is publicly traded on the local stock market the Bolsa Nacional de Valores, and is therefore supervised by SUGEVAL, the stock market’s regulator. The company has always worked in accordance with the law and the highest ethical standards, going beyond what the law requires in order to be a responsible corporate citizen.


All information related to the company’s operations, in Costa Rica as well as abroad, has always been revealed in our audited financial statements which are available to the public. In other words, we have never hidden information about our company from shareholders, the public or anyone. We have always been completely transparent.


In the case of FIFCO, the use of overseas companies does not represent a danger for public finances, much less does it represent tax avoidance or evasion. We are one of the companies that pays the most taxes in the country. We believe it to be adequate and necessary to confirm with the Tax Administration that what we are saying is the truth.  


The trials that the article refers to have are in no way related to the Papagayo project nor has the use of a company based overseas been in discussion. Just as our audited financial statements reveal, this matter is related to a technical-accounting difference regarding capital contributions that, in any case, is in no way related to the project mentioned in Voice of Guanacaste article.


We reaffirm our commitment to transparency, good faith in conducting business and respect for the law.