The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Thursday, July 09, 2009

Ecuador to End Correa Brother’s Contracts to ‘Restore Faith’

By Stephan Kueffner

July 4 (Bloomberg) -- Ecuador’s President Rafael Correa said his administration will unilaterally rescind government contracts with companies controlled by his brother Fabricio, a Guayaquil-based entrepreneur.

An end to the contracts, valued at at least $80 million with state-owned oil company PetroEcuador and other public companies, is the best way to show the integrity of his administration, Correa said today in his regular Saturday radio- and-television broadcast.

“This is necessary to re-establish the public faith,” Correa said. “I never let him into the inner circle of decision making.”

Fabricio Correa, in a radio interview yesterday with local newswire Ecuador Inmediato, said that he didn’t break the constitution, which prohibits relatives of high-ranking government officials from doing business with the state. He said he is only a partner in companies that won contracts through public tenders.

“I have no privileged information,” Fabricio Correa said in the interview. “I have the right to work legitimately.”

Attempts by Bloomberg News to contact Fabricio Correa or his lawyer were unsuccessful.

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