Appeal denied Figueroa to jail

[NewsWhore]

The Third Chamber of the Penal Chamber at the National District Appeals Court upheld the 10-year prison sentences for former Baninter president Ramon Baez Figueroa and bank advisor Luis Alvarez Renta. Baez was also charged with money laundering for his involvement in the 2003 banking scandal that bankrupt that financial institution and sent the Dominican economy into a tailspin. Previously, only Alvarez Renta had been charged with money laundering. Baez and Alvarez Renta must also pay civil fines equivalent to 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 5 years in prison. In the previous judgement, she had not been charged. The Appeals Court also determined Lubrano should pay RD$1.5 billion in civil fines and will not be allowed to leave the country. Judges felt 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 (Canales 53 y 57), Aster Comunicaciones, Medcon SA, Telecentro, Reliance Watchman SA. Baez's lawyers say they will appeal the ruling. The case would next be heard by the Supreme Court.

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