THE DEBT allegedly owed by Venezuela to the Colon Free Zone plunged from $530 million to $41 million, following a recent audit using a different methodology.
According to Free Zone Manager Surse Pierpoint, the new audit was conducted "because there was a lot of skepticism on the part of Venezuela over the figure."
The methodology was applied based on a process implemented by the Venezuela Foreign Exchange Administration Commission, which administers, coordinates and controls the country's exchange rate policy.
The Association of Users of the Free Zone have opposed the agreement, saying it does not reflect the actual debt.
But Pierpoint said that documents provided by traders, including invoices, only documented $41 million in transactions.