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1 Introduction: the Emergence and Evolution of Business Groups in Central America

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1 Introduction: the Emergence and Evolution of Business Groups in Central America Notes 1 Introduction: The Emergence and Evolution of Business Groups in Central America 1 . We use the term Central America to denote Guatemala, Honduras, El Salvador, Nicaragua, Costa Rica, and Panama. 2 . See, for example, the presentation of Grupo Multi-Inversiones in Chapter 4. 3 . This is different from the network-based DBGs as depicted by Hamilton and Feenstra (1995), which are horizontal networks of companies bound together by a set of social norms and economic self-interest between conceptually equivalent units. 4 . http://www.elperiodico.com.gt/es/20120830/economia/217191/. For a critical debate of the law proposal discussed, see http://www.plazapublica.com.gt/ content/una-ley-de-competencia-que-legitima-los-monopolios 5 . See Chapter 5 in this volume. For further information see also http://white. oit.org.pe/spanish/260ameri/oitreg/activid/proyectos/actrav/proyectos/ proyecto_ssos/act_regionales/mexico_nov2010/documentos/3erdia_cancun1. pdf 6 . http://hdrstats.undp.org/en/indicators/103006.html 3 Regional Shifts and National Trajectories: Differences in the Context and Strategies of Business Groups 1 . We have limited our tagging to the three sectors where a group is strongest; we have not included all sectors as we have attempted in this table to under- stand what the principal focus is, and have not been so interested in minor investments. 2 . Interview, Dionisio Gutierrez, April 2013. 3 . http://www.diariodefusiones.com/?page=ampliada&id=323 4 . http://wvw.nacion.com/ln_ee/2009/diciembre/08/economia1729553.html; http://www.revistasumma.com/negocios/988-avalan-compra-de-walmart- centroamerica.html 5 . http://www.diariodefusiones.com/?Bancolombia_adquiere_el_40%25_ de_Grupo_Financiero_Agromercantil_de_Guatemala_en_US__216_ millones&page=ampliada&id=576&_s=&_page=centro_caribe. It also bought HBSC’s operations in Panama in 2013. 6 . http://www.globalcement.com/news/itemlist/tag/Cementos%20Progreso 7 . http://www.aviancataca.com/Lang/es/ri/gobierno/composicionJuntaDirec- tiva.html and Registro Comercial. 8 . The companies include: Banco Industrial, Banco del País (HN), Financiera Industrial, Almacenes Generales, Almacenadora Integrada, Seguros El Roble, Fianzas El Roble, Mercado de Transacciones, Westrust Bank (International) Limitad Contécnica, and Servicios MCilliples de Inversión. The list of 197 198 Notes shareholders includes: Juan Miguel Torrebiarte Lantzendorffer, José Antonio Arzú Irigoyen, Rodolfo Kong Vielman, José Luis Gabriel Abularach, Ramiro Castillo Arevalo, Rafael Felipe Soares Riépele, Mario Rey Rosa Quiroz, Tomás Rodríguez Schlesinger, Carlos Springmuhl Silva, Juan Luis Bosch Gutiérrez, Luis Estuardo Godoy del Valle, Pablo Capuano Arís, José Andrés Castillo Arenales, José Roberto Bouscayrol Lemus, Eduardo Antonio Herrera Alvarado, Juan Antonio Godoy Barrios, Ernesto José Viteri Arriola, and Victor David Benchoam Perera. 9 . Construction became an important area of investment for local Nicaraguan business groups after the devastating earthquake that destroyed Managua in 1972. 10 . Foreign companies would normally operate with local partners, as in the case of the Spanish Unión Fenosa, which bought the electricity distribution company Disnorte-Dissul in 2000. It had the Pellas and the OCALSA group as minority shareholders from 2001 to 2011. 11 . Most maquila industry in Nicaragua is in textiles and is dominated by American and South Korean companies, with some investors recently coming from other countries in the region, such as Honduras. 12 . As an exception, the Durman Esquivel group opened a factory for PVC tubes in Panama in 1975 as an early process of internationalization that involved opening sales offices in the whole region during the 1980s. 13 . The cement company CEPASA, privatized in 1994, was acquired by the Mexican company CEMEX, while the fertilizer producer FERTICA was bought by a Chilean-American consortium in 1998 (Hidalgo-Capitán, 2003). 14 . Interview with the director of corporate affairs of FIFCO, February 2012. 15 . FIFCO has also invested in real estate activities, particularly the beach resort Reserva Conchal, and in residential projects in the Guanacaste province. 16 . The decay of the Costa Rican capital market is the origin of the process of diversification of the Sama group. Founded as a brokerage house and investment bank in 1976, it shifted its strategy to become a private equity company due to the lack of opportunities in the Costa Rican capital markets. In recent years, the group has acquired companies with financial problems from different sectors (e.g. poultry and banana production, and advertising) with the aim of selling them after their recovery. 17 . In 2001, the companies listed on the Costa Rican stock exchange reached their historical peak of market capitalization, whose value represented 18.55 percent of GDP. By 2011, the listed companies represented only 3.53 percent of GDP. 18 . Interview conducted in June 2011. 19 . Only two Panamanian groups have a strong presence in agriculture: the Calesa and Melo groups. The first is a conglomerate that runs sugar and rice farms, shrimp, cattle and pork production, and animal-feed factories. The second is the biggest poultry producer in Panama. 20 . All these families are of Jewish origin. Like those who formed the ‘Arab’ groups in El Salvador and Honduras, immigrants of Jewish origin were able to establish themselves in Panama initially in the retail and finance sectors, and they have consolidated in recent years as the most important economic groups in the country. 21 . Interview with Stanley Motta, May 2011. Notes 199 22 . Particularly for the funding of real estate projects, having a strong domestic bank allows these groups to think about the medium to long term. They can, for instance, survive downturns in the real estate market without resorting to panic selling. 23 . http://www.laestrella.com.pa/online/impreso/2012/02/23/intereses-fa- miliares-en-las-hidroelectricas.asp http://www.laestrella.com.pa/online/ impreso/2012/02/23/intereses-familiares-en-las-hidroelectricas.asp 24 . http://mensual.prensa.com/mensual/contenido/2010/05/24/hoy/ panorama/2193724.asp 4 From Oligarchs to Transnational Business Group Leaders? The Shifting Strategies of Key Business Groups 1 . Interview with Jaime Rosenthal, September 29, 2011. 2 . Interview with Jaime Rosenthal, September 28, 2011. 3 . He resigned in 1988 over the unconstitutional extradition of the mythical Honduran drug lord Juan Ramon Matta Ballesteros to the United States after he had offered to pay Honduras’s foreign debt. 4 . http://www.cenosa.hn/v1/index.php?option=com_content&view=article&i d=1&Itemid=3&lang=en 5 . Interview with Jaime Rosenthal, September 28, 2011. 6 . Interview with Jaime Rosenthal, September 28, 2011. 7 . According to the CNR, Ricardo Poma is president of the financial company Faralan de C.V., whereas Andres is president of Calapa de C.V., and Fernando of Masala de C.V. 8 . Interview with Fernando Poma, March 8, 2011. 9 . El Economista, Extranjeros financiaron campaña electoral de Laura Chinchilla, July 7, 2011, http://www.eleconomista.net/2011/07/07/actualidad/126672- extranjeros-financiaron-campana-de-laura-chinchilla-html 10 . See, e.g., http://www.expansion.com/2013/04/30/empresas/tmt/1367302380. html, Palencia Prado, 2014. 11 . Interview with Juan Guilllermo Gutierrez, The Star , February 7, 2011 and author interview with Dionisio Gutierrez Mayorga, April 16, 2013. 12 . Arturo and Juan Guillermo Gutierrez have set up a website with documenta- tion from this lawsuit up until 2008: www.casogutierrez.com. The lawsuits are also covered in a number of newspaper articles in Guatemala and Canada. See, for example: Family empire comes to Toronto, fighting follows, The Star , July, 2, 2011, http://www.thestar.com/news/gta/2011/02/07/family_empire_ comes_to_toronto_fighting_follows.html. 13 . Interview with Dionisio Gutierrez, April 16, 2013. 14 . http://www.campero.com 15 . http://www.casogutierrez.com/docs/FederalComplaint.pdf 16 . https://globalmanetwork.com/telefonica-sale-of-interest-to-corporacion- multi-inversiones 17 . http://www.prnewswire.com/news-releases/dionisio-gutierrez-leaves-guate- mala-105757368.html 18. http://www.publico.es/espana/129329/neoliberalismo-como-bandera 200 Notes 19 . The Hacienda Hermanos Motta became a meeting place for all the genera- tions of the family and it is the only business in which all the descendants have a equal ownership. 20 . http://www.panamaamerica.com.pa/notas/245618-tenemos-todo-para-ser- exitosos 21 . In some cases, some of his brothers would be partners in the investment, but not always. Therefore, the current Grupo Motta is defined as the port- folio of companies and investments managed by the sons of Alberto Motta Cardoze. 22 . Interview with Stanley Motta, May 11, 2011. 23 . Interview with Stanley Motta, May 11, 2011. 24 . In a controversial interview with the magazine America Economia in 2010, President Martinelli bragged about calling Stanley Motta and asking why he had declared only one dollar in income to the tax authorities. 25 . Through a marriage between the grand-son of Francisco Alfredo Pellas, Francisco Alfredo Pellas Chamorro, and Carmen Chamorro Bernard, the daughter of Ernesto Chamorro, the family descendants had also acquired stakes in manu- facturing and food processing companies, under the umbrella of E. Chamorro Industrial (ECISA), founded in 1969. The current leader of the group, Carlos Pellas Chamorro, has unified the companies under Grupo Pellas Holdings. 26 . According
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