NewsWhore
08-21-2009, 02:40 PM
The National Department for the Persecution of Administrative Corruption (DPCA) has filed charges against Jose Lois Malkun (former governor of the Central Bank), Felix Calvo (former vice governor of the Central Bank), Cesar Apolinar Veloz (former manager of the Central Bank) and Manuel Rubio Cristoforis (former judicial consultant) for the embezzlement of RD$10 billion in regards to the now defunct Bancredito.
Listin Diario explains that problems with Bancredito arose in 2003, when the bank was having issues with liquidity, which later resulted in insolvency. The Central Bank agreed to front the bank funds in excess of RD$20 billion. It was later determined this violated the Monetary and Finance Law 183-02.
At the time, Malkun was named as guarantor of offshore affiliates, which was illegal under Law 183-02. Malkun would receive 18 payments, totaling RD$10 billion, for the titles of credit portfolios for the Bancredito affiliates that were being purchased by the Dominican state. The funds were transferred to Artag Meridian Ltd.
The charges indicate that these monies were in fact used by the accused to illegally settle other accounts.
Malkun was named head of the Central Bank by then president Hipolito Mejia, in 2003.
Responding to the charges, Malkun called them absurd, saying: "That accusation is absurd, and holds no bearings. It is a demonstration that in this country it is better to steal public funds, and not meddle with the status quo, because doing so has a high price."
He added there is no official document that can substantiate the accusations against him.
Malkun maintains his innocence, saying he was the one who had original told DPCA that audits and investigations needed to be done.
More... (http://www.dr1.com/index.html#8)
Listin Diario explains that problems with Bancredito arose in 2003, when the bank was having issues with liquidity, which later resulted in insolvency. The Central Bank agreed to front the bank funds in excess of RD$20 billion. It was later determined this violated the Monetary and Finance Law 183-02.
At the time, Malkun was named as guarantor of offshore affiliates, which was illegal under Law 183-02. Malkun would receive 18 payments, totaling RD$10 billion, for the titles of credit portfolios for the Bancredito affiliates that were being purchased by the Dominican state. The funds were transferred to Artag Meridian Ltd.
The charges indicate that these monies were in fact used by the accused to illegally settle other accounts.
Malkun was named head of the Central Bank by then president Hipolito Mejia, in 2003.
Responding to the charges, Malkun called them absurd, saying: "That accusation is absurd, and holds no bearings. It is a demonstration that in this country it is better to steal public funds, and not meddle with the status quo, because doing so has a high price."
He added there is no official document that can substantiate the accusations against him.
Malkun maintains his innocence, saying he was the one who had original told DPCA that audits and investigations needed to be done.
More... (http://www.dr1.com/index.html#8)