Developer bonanza as seized properties returned

Property seized in Casco Viejo for late mortgage payments or failure to provide a restoration plan, has been handed back worth multi-millions of dollars more.

Building No. 1610, seized in 2007 for late mortgage payments, was returned by the State to a corporation related to the real estate investor Rodney Zelenka, in Casco reports La Prensa.

In 2012 it also returned a the lot to Zelenka expropriated during the administration of Martin Torrijos in 2007 for not having a restoration plan.
The seizure of the property in Fifth Street , San Felipe , was against Dixie International, SA in the amount of $78,000, according to reports from the Public Registry .
However, with the arrival of President Ricardo Martinelli the fate of the property was changed and in July 2010 the Director General of the National Revenue Authority (ANIP ), Luis Cucalón , ordered the lifting of the seizure order, reports La Prensa.
The measure allowed the corporation to mortgage the property in 2013 for $ 6.5 million. 12 years earlier, in 2001, Dixie mortgaged the same property at $135,000
Meanwhile, the Public Register documents indicate that the value of this property is $ 13, 000, 800.
The director of the ANIP, Luis Cucalón , said that in such cases in the Old Town , a bond measure allows you to lift the seizure order
" That's a guarantee for payment of the debt and has already been done in other cases ," the official added.