Puerto Rican Cement Company Makes Announcement.SAN JUAN, Puerto Rico--(BUSINESS WIRE)--July 17, 1998--Puerto Rican Cement Company, Inc. (NYSE NYSE See: New York Stock Exchange :PRN (PRiNter) The DOS name for the first connected parallel port. See DOS device names. ) today announced that Puerto Rico courts have issued decisions in two disputes between the Company and agencies of the Government of Puerto Rico The Government of Puerto Rico is a commonwealth within the United States consisting of a national and state government and 78 administrative sub-divisions called municipalities. The government was created in 1952 by the enactment of the Constitution of Puerto Rico. . On June 29, 1998, the Court of Appeals of Puerto Rico affirmed an administrative law administrative law, law governing the powers and processes of administrative agencies. The term is sometimes used also of law (i.e., rules, regulations) developed by agencies in the course of their operation. judge's decision that the Puerto Rico Department of Consumer Affairs (DACO DACO Departure Airfield Control Officer DACO Divisional Administrative Contracting Officer ) could not impose a penalty on the Company for the use of some imported materials in the manufacture of cement from 1995 through 1997. DACO had alleged that the Company's use of some imported clinker clink·er n. 1. The incombustible residue, fused into an irregular lump, that remains after the combustion of coal. 2. A partially vitrified brick or a mass of bricks fused together. 3. , a component of cement, made inaccurate the Company's labeling of its cement as "manufactured in Puerto Rico." The Court of Appeals affirmed the judge's decision that DACO could not use the rules of another agency in determining whether the labeling met DACO's standards. Also affirmed was the judge's decision that, even if DACO could borrow the other agency's rules without formally adopting them, because at least 85% of the clinker used by the company originated in Puerto Rico, the Company was entitled to label its product "manufactured in Puerto Rico." The court's decision prevents DACO from imposing any penalty on the Company. DACO has not indicated whether it will appeal the decision. On June 30, 1998, the Supreme Court of Puerto Rico The Supreme Court of Puerto Rico is the highest court of the Commonwealth of Puerto Rico, having the ultimate judicial authority within Puerto Rico to interpret and announced that the Court was equally divided in the Company's appeal of the Puerto Rico Planning Board's decision to suspend approval of the Company's Vega Alta project. The split decision effectively leaves intact a previous decision of the local Court of Appeals that the Company's appeal of the Board action was not yet due for Court evaluation since the administrative process had not concluded. On July 20, 1995, the Board had approved the Company's plans for Vega Alta, a low-income housing project. Subsequently, on July 7, 1997, the Board suspended the approval, asserting that its approval of a residential project did not permit an industrial quarry. On August 22, 1997, the Company filed its action with the Court of Appeals, seeking to overturn the reversal, but the court ruled that the Board's action was a temporary suspension not currently subject to court review. The split among justices of the Supreme Court of Puerto Rico preserves that decision. Taking into consideration the merits of the case, the company has submitted a motion for consideration. Puerto Rican Cement Company, Inc. produces cement and related products, including Portland grey cement and hydrated hy·drat·ed adj. Chemically combined with water, especially existing in the form of a hydrate. Adj. 1. hydrated - containing combined water (especially water of crystallization as in a hydrate) hydrous lime, concrete, multiwall paper bags, polypropylene bags, and engages in realty operations. CONTACT: Kathy Liebmann Gavin Anderson & Company (212) 373-0200 |
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