Regulations of the law that ensures immediate payment of civil reparations to the State —for corruption and related crimes— will safeguard the country's reconstruction, public works, and private investment projects, mainly in mining, Peru's Economy and Finance Ministry (MEF) said Thursday.
"The regulations set out the procedures that individuals —covered by the act— should follow to transfer assets to trusts, through which the State secures resources to assist with the payment of Civil Reparations since the first day," the Ministry remarked.
On the other hand, in order to provide predictability to the market and in accordance with the fourth Supplementary Provision of Law No. 30737, clear criteria have been defined so that the concerned State attorney can estimate the reparation amount.
Corrupt companies
In case the company is declared guilty and is attempting to sell an asset or project, 50% of the sale price shall be withheld from the trust, which is intended to pay the civil reparation and tax liability.
The sale price guarantees the previous payment of tax, labor obligations with suppliers, and the project's finance companies.
All these sales require approval from the Justice Ministry (Minjus), as well as a previous opinion from MEF and the contracting public entity.
The State attorney's estimated amount of the civil reparation is not necessary to complete the sale, thus overcoming the problem evidenced in the Emergency Decree No. 003.
(END) CAN/RMB
Published: 5/10/2018