It is no secret that for several days there has been a rag that burns between the presidency and the powerful businessman, Reginald Boulos. In a letter addressed to the Direction of the National Office of Old-Age Insurance dated 21 October 2019, the owner of the company Auto Plazza informs the Director of the said company that any increase in the interest rate immediately entails the cancellation of the share to be paid in dollars to the office on the sales of the vehicles
AutoPlaza SA writes to the ONA
Port-au-Prince 21 October 2019
Me Chesnel Pierre
Director General of the National Office of Old-Age Insurance (ONA)
In his offices. –
Mr. Director General,
AUTOPLAZA SA, a Haitian limited company, published in the official journal Le Moniteur at No. 82, dated Monday, October 14, 2002, having its registered office at No. 20 Boulevard Toussaint Louverture , in Port-au-Prince, identified and licensed to Nos. 000-961-559-8 and 1807104738, represented by its Chairman and Chief Executive Officer, Dr Réginald BOULOS, owner, residing and domiciled in Port-au-Prince, identified in no. 003-185-165-5, having for lawyers constituted Samuel Madistin and Jean Gary Rémy of the Bar of Port-au-Prince, respectively identified, licensed and imposed on numbers: 003-341-604-3, 4610371819-0 and 4707292251 ; 003-265-694-7, 93842-O and 029041-AI with an address for service to Cabinet Madistin et Associés located at 193 John Brown Avenue, Port-au-Prince Haiti, learned – via social networks – a notice dated 18 October 2019 that you decided, “in order to make the assets of the contributors of the Office profitable, to respond to the current realities of the financial market and the rate of inflation, to revise the rate of loans granted in connection with commercial investment expenditures exceeding the threshold of Fifty Million Gourds (50,000,000.00). “(sic)
The contract signed by the company with your predecessor on 29 September 2016 took into consideration these contingencies and had linked the interest rate to the payment to the ONA to a “share in US dollars” of 1.5% on all sales of vehicles made by the company. Which actually represents more than 20% of the company's margins. The ONA had therefore secured revenue in hard currency to cope with the accelerated discount of the gourde by this investment in gourdes which guarantees profitability in US dollars. In the spirit and the letter of this agreement, it was precisely to make the assets of contributors grow.
The amounts paid to the ONA monthly therefore included not only the interest, but also the shares provided for in the bill.
Mr. Director General,
Although the contract with ONA does not provide for a variable interest rate, AutoPlaza took note of the decision of your management to change, today,
It nevertheless wishes to draw your attention to the following points:
- Any increase in the interest rate ipso facto entails the cancellation of the share to be paid in dollars to the Office on the sales of vehicles. The Cabinet is ready to work with your legal service for the implementation of the addendum to be negotiated and signed by the contracting parties before the date of November 1st, as set in your opinion.
- AutoPlaza has always respected, in the agreed terms, its commitments to the Office in interest and shares. This to date amounts to One Million Three hundred and Forty Seven Thousand US Dollars (US $ 1,347,363.53) as evidenced by the annexed schedule of payments.
- The contract of September 29, 2016 in force, the law of the parties, does not not providing, it should be recalled, variable interest rate at the option of the LENDER, the company will remain and will remain attached to the terms of the agreement, if an addendum to the contract is negotiated accepted and signed by the parties.
- This measure will effectively contribute to the growth of the assets of the contributors:
If it is applied indiscriminately, that is to say on all loans and investments granted by the ONA; If she is non-partisan; If it is accompanied by an actuarial and financial audit to enable the public to better understand the real situation of the institution
If in its application it is not seen as an instrument of political persecution.
In any a democratic society, natural and legal persons are protected against the arbitrariness of the public powers.
In anticipation of your news, please accept the most cordial greetings from the Director-General.