Santo Domingo, R.D.
The President of the Republic announced the location of the payments, where President Louis Abinader and his family used foreign companies to manage investments and “local assets that meet their tax obligations in the country.”
This document strengthens the commitment of the President to transparency, democracy and the fight against impunity and corruption every day.
“For example, like anyone before, he declared all his assets, without screens and without concealing assets. All their investments are in the country and they pay their tax obligations in accordance with national law,” the release states.
Priority of the Dominican Republic
The Dominican government understands that permanent accountability to citizens is an inescapable duty of all public servants. In this sense, we consider it appropriate to provide an official response to information published by the International Federation of Journalists, which includes companies of the personal and family descent of the President of the Dominican Republic.
President Louis Abinader’s commitment to transparency has been a constant in his political career. In 2020, when he became President of the Republic, he fulfilled the mandate established in Law 311-14 in the Declaration of Assets of Property, which mandates all officials dealing with public funds to make their assets public.
In the property affidavit property, President Abinader provided the entire legal framework governed by his own business venture and the assets of his entire family. As part of these assets, various foreign companies (coastal) were declared like some of the presidents of the world. The basic reason for using this type of company is that until the end of 2008, the Dominican Republic did not have an updated and efficient legal framework for corporate legal matters. As a result of this reality, the purchase of property and the conduct of local or international business using Dominican companies also caused significant obstacles.
The simplicity of the consolidation process, the flexibility in its management and the fact that the local legal system allowed the use of this type of firm made it a common practice to use law firms affiliated abroad to manage investments and assets. President Abinader and his family used marine companies to manage investments and local assets to meet their tax obligations.
International newspapers that are part of the International Federation of Journalists recognize President Abinader’s transparency because he included two companies mentioned in documents released on declared assets when he took office. Among the aforementioned Panamanian companies -Padreso SA and Litlecot Inc.- Abinader share ownership with his brothers.
As part of the process of restructuring assets, from managing family assets, when he uses his current position, the President
Abinader, along with his family members, decided to set up an administrative trust to manage all of his assets and his family’s assets in the Dominican Republic.
It should be noted that since August 16, 2020, President Louis Abinader has been completely separated from the administration and management of all family-controlled companies affiliated in the Dominican Republic or abroad.
In the interest of President Abinader, transparency, democracy, impunity and the fight against corruption are strong every day, for example, he declares all his assets, without screen and without hidden assets. All your investments are in the country and pay your tax obligations in accordance with national law.
Santo Domingo, October 03, 2021