Nicaragua: INCAE responds to the withdrawal of legal status 0:54

(CNN Spanish) -- Through an agreement that was published on Monday in the official newspaper La Gaceta, the Ministry of the Interior of Nicaragua canceled the legal status of the business school Central American Institute of Business Administration (Incae) and ordered the confiscation of its assets.

According to what was published in La Gaceta, the Government of Daniel Ortega and Rosario Murillo bases the measure on the fact that the school would not have presented the financial statements of 2020, 2021 and 2022 before the General Directorate of Registration and Control of Non-Profit Organizations of the Ministry of the Interior.

In addition, always according to the publication, the Government maintains that "inconsistencies were detected" in the financial statements of the school for the periods 2015-2019, and that "the legal requirements established for the receipt of donations were not met and they were not registered as foreign agents".

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For its part, INCAE issued a press release on its social networks where it states that the official decision generates "deep sadness" and that the measure will affect the operation of the Francisco Sola campus in the country. He added that the business school, "internationally recognized and ranked among the best in the world," will continue to operate on its Costa Rica campus.

"Almost 60 years after its foundation, we deeply regret this situation, because in the course of all these decades, INCAE has been faithful to its mission to actively contribute to the sustainable development of Nicaragua and the region," the statement said.

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With respect to the assets of the institution, the Ministerial Agreement signed on September 22 by Amelia Coronel Kinloch, Minister of the Interior of Nicaragua, states that the Attorney General's Office of this country will be responsible for "carrying out the immediate transfer of these on behalf of the State of Nicaragua."

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CNN has attempted to obtain comment from the Nicaraguan government on this issue, but so far has not received a response.

According to Incae on its website, its history as a business school began in 1963, when the then president of the United States, John F. Kennedy, visited Costa Rica on the occasion of a summit with Central American presidents, where the need to strengthen business education in the region was highlighted.

"A year later, in 1964, with the support of President Kennedy and Harvard Business School, Incae was founded," says the official website of the institution.

Daniel Ortega