Home Business-newBusiness Aguakán fails to make water-concession payments to Q. Roo government

Aguakán fails to make water-concession payments to Q. Roo government

by Yucatan Times
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Aguakán has failed to pay Q. Roo’s government for the concession on the water supply and drainage of the Cancun, Puerto Morelos, Isla Mujeres and Playa del Carmen area….

CANCUN — The Aguakán water company has not paid its consideration for at least 10 months, according to the website La Opinión de Quintana Roo.

This is the consideration that Aguakán must pay in exchange for keeping the concession of the water service in Cancun, Solidaridad and Isla Mujeres, which provides multi-million dollar profits.

The data comes from a report done by the risk rating agency HR Ratings, which has modified from the Stable Perspective to Negative Observation the credit rating contracted by the Water and Sewage Commission (CAPA) with Binter for an initial amount of $560 million pesos, precisely because of that default in payment.

The report says:

“The rating was placed on Negative Observation because, according to information provided by CAPA, the consideration that DHC (Cancun Hydraulic Developments) must pay under the granted Concession, which is the primary source of payment of the credit, would not be deposited in the Trust”.

According to the same report, the considerations that Aguakan must pay have not been deposited since October 2016. That is, practically throughout the current state administration.

“According to reports from the trustee, it can be seen that the Remuneration Trust received resources for the payment of the loan for the last time in October 2016,” says the report, which is dated July of this year.

It is noteworthy that Aguakan can spend a year without paying its contractual obligations without a monitoring body that requires it.

People protest at the Aguakan head quarters in Playa del Carmen (Photo: La Jornada)

The amount to be covered by DHC (Aguakan) is 27.6 million pesos on a quarterly basis. That money goes entirely to the payment of the debt of CAPA.

But since it was determined that the state government is the guarantor of the credit, Aguakan does not pay its obligations, and being CAPA an insolvent body, the one that pays is the State.

“The State of Quintana Roo, as an endorsement, has deposited resources to the Payment Trust to pay the principal and interest payments,” the report says.

The report also mentions: “HR Ratings is aware that both the State and CAPA are in the process of restoring the correct mechanism of deposit of the consideration to the corresponding trust.”

The credit comes from loan of $560 million pesos, requested by CAPA at the end of 2015.

The credit conditions stated that the payment of capital would be made through 168 monthly and consecutive amortizations.

CAPA had a grace period of 12 months from the first provision, so the first payment was made in December 2016, and it would be expected that the last payment was made in November 2030.

The problem with that credit was its fate. As soon as it was received, 56 million pesos arrived at the hands of CAPA, and the remaining 506 million pesos disappeared. Nobody knows yet where they went, like so many resources in the six years of Roberto Borge.

In October 2016, Aguakán started a legal procedure to protect its concession an in that moment interrupted the payment.

In addition, that credit is being investigated along the other cases related to the frauds committed by Quintana Roo’s former governor, Roberto Borge.

In response to all these problems the municipalities of Solidaridad (Playa del Carmen) and Puerto Morelos have started legal procedures to revoke the concession of Aguakán in their jurisdiction areas.


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