Trabajo

Álvaro Noboa
Business life
Family business, inheritance and litigation
The estate of Álvaro Noboa’s late father, Luis Noboa Naranjo, the founder of the family’s banana business, was the subjectof protracted litigation.
According to Forbes magazine, Luis Noboa’s heirs spent $20 million in legal fees culminating in a ruling by a British court: “In November 2002 a London judge found thatÁlvaro rightfully owned a 49% stake in Fruit Shippers Ltd., the holding company for the family business. That stake is worth $300 million, we estimate. Noboa, who has made our billionaire's list previously,claims his assets are worth at least $1 billion. ‘It was a full victory,’ Noboa said.”
“The principal business of Luis Noboa Naranjo was the export of bananas. But at the time of his death hisinterests also included coffee, sugar refining, flour milling, shipping, banking, insurance and soft drinks. The principal Ecuadorian company engaged in the banana business was Exportadora [sic. BananeraNoboa S.A. (EBN). The ultimate holding company and the company owning most of the overseas business was [Fruit Shippers Ltd.] a company incorporated in the Bahamas.”
According to Cadwalader,Wickersham & Taft Law firm the Judge, The Hon. Mr. Justice Langley, rejected the evidence of the sisters and he held that their evidence was untruthful and "had been starkly exposed as inconsistent,lacking coherence and wholly unreliable".
Business
In 1973, Noboa established Promandato Global S.A., a firm that unites several real estate companies considered to be one of the largest firms in Ecuador.In 1988, he established ‘Revista La Verdad’, a monthly magazine.
On April 22, 1988, he founded Banco del Litoral, one of Ecuador’s most reliable banks.
On July 22, 1988, he established the GlobalFinancing Company and other investment companies on an international scale. All these companies and businesses together became known as [Grupo de Empresas Ab. Alvaro Noboa P.]
His exporting...