Appeal denied; Figueroa to jail

[NewsWhore]

Early this morning the Third Penal Chamber at the National District Appeals Court upheld the 10-year prison sentences for former Baninter president Ramon Baez Figueroa and Luis Alvarez Renta. Baez was also charged with money laundering for his involvement in the 2003 banking scandal that bankrupted the financial institution and sent the Dominican economy into a tailspin. Baez and Alvarez Renta must also pay civil fines equivalent of 100 minimum salaries. Former Baninter vice president Marcos Baez Cocco was also sentenced to 10 years in jail while Vivian Lubrano de Castillo was sentenced to five years in prison. Lubrano must also pay RD$1.5 billion in civil fines and will not be allowed to leave the country. Judges believed that Lubrano had inside knowledge of the Baninter dealings. As part of the court's decision, the Central Bank will be ordered to pay RD$50 billion in civil fines while Baninter must pay RD$18 billion as well as hand over all assets to the Baninter Liquidation Committee. These assets include La Intercontinental de Medios, RNN (Canal 27), Radio Supra, Radio Cielo, Radio Mil, Circuito Comercial, Isla Vision (channels 53 and 57), Aster Comunicaciones, Medcon SA, Telecentro, Aeronave Bell 206B12, Aeronave Augusta Spa 109 C, Reliance Watchman SA, Casa del Faro Numero 20, a Black Lexus, model LX470, and a Hyundai Minivan H100. Baez's lawyers say they will appeal the ruling.

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