The Institute for Cooperative Development of Panama (IPACOOP) announced interventions in the activities of cooperatives in Colon after discovering improper procedures. The organization clarified that any intervention is carried out with the aim of protecting interests and preventing possible closure of registered cooperatives.
IPACOOP representatives reported that a temporary administration was appointed for the purposes of conducting inspections, which will be responsible for normalizing the situation in the cooperative. They also added that interventions should not affect the normal business operations of the cooperative and that all decisions will be made with consideration of the interests of its participants.
"We accept this intervention with the understanding and readiness to cooperate with the administration, in order to jointly address the emerging problems," stated the representative of the cooperative. "Our main goal is to ensure stability and transparency in the activities of our cooperative."
IPACOOP specified that the actions for intervention are carried out in accordance with the legislation and in the interests of maintaining stability of the cooperative sector in the country. At the same time, all cooperative participants are called to comply with established norms and provide the necessary support to the temporary administration for the successful completion of the intervention process.
