NewsWhore
08-28-2007, 05:40 PM
The case of the state against the former owners and managers of the Banco Intercontinental (Baninter) is coming to an end. For the public to follow, Channels 7 (Antena Latina) and 21 will be transmitting the court conclusions of the leading bank collapse that shook the Dominican economy in 2003. Journalist Alicia Ortega will be in charge of the TV special coverage on the 2003 bank fraud case. The defense lawyers have based their case on the claim that processes that led to the fraud were generally accepted as common practice in the Dominican financial system. The accused - Ramon Baez Figueroa, Vivian Lubrano de Castillo, Marcos Baez Cocco, Jesus Maria Troncoso Ferrua and Luis Alvarez Renta are on trial. On 13 May 2003 the Dominican Central Bank reported irregular or fraudulent Baninter operations worth more than RD$55 billion, or about US$2 billion. The bank collapse has cost taxpayers more than RD$74 billion, and led to the intervention of the IMF, according to a report in Clave Digital.
Meanwhile, IMF resident representative Erik C. Offerdal spoke about the conclusions of the case and said he hoped that penalties are levied on those responsible for what he describes as a very serious case, with serious consequences for banking and for the country. "What is important is that the facts are there, it is a bank fraud, and the judicial system has the independence and capacity to levy penalties at the level of the seriousness of the case", he said, as reported in Hoy. He said that the IMF position is that when there is bank fraud, those found responsible need to be punished.
Offerdal stated their position in a 10 May 2006 statement on occasion of the review of the stand by arrangement: "...Criminal proceedings against former owners of those banks involved in the 2003 banking crisis should send a strong signal regarding the consequences of misconduct, and it will be important to ensure the proceedings are sufficiently comprehensive to include all concerned officials."
The World Bank has also addressed the issue, with a statement on their web site:
http://web.worldbank.org/WBSITE/EXTERNAL/BANCOMUNDIAL/... (http://web.worldbank.org/WBSITE/EXTERNAL/BANCOMUNDIAL/EXTSPPAISES/LACINSPANISHEXT/DOMINICAREPUBLICINSPANISHEXT/0,,contentMDK:21408350~menuPK:509093~pagePK:2865066~piPK:2865079~theSitePK:500740,00.html)
More... (http://www.dr1.com/index.html#9)
Meanwhile, IMF resident representative Erik C. Offerdal spoke about the conclusions of the case and said he hoped that penalties are levied on those responsible for what he describes as a very serious case, with serious consequences for banking and for the country. "What is important is that the facts are there, it is a bank fraud, and the judicial system has the independence and capacity to levy penalties at the level of the seriousness of the case", he said, as reported in Hoy. He said that the IMF position is that when there is bank fraud, those found responsible need to be punished.
Offerdal stated their position in a 10 May 2006 statement on occasion of the review of the stand by arrangement: "...Criminal proceedings against former owners of those banks involved in the 2003 banking crisis should send a strong signal regarding the consequences of misconduct, and it will be important to ensure the proceedings are sufficiently comprehensive to include all concerned officials."
The World Bank has also addressed the issue, with a statement on their web site:
http://web.worldbank.org/WBSITE/EXTERNAL/BANCOMUNDIAL/... (http://web.worldbank.org/WBSITE/EXTERNAL/BANCOMUNDIAL/EXTSPPAISES/LACINSPANISHEXT/DOMINICAREPUBLICINSPANISHEXT/0,,contentMDK:21408350~menuPK:509093~pagePK:2865066~piPK:2865079~theSitePK:500740,00.html)
More... (http://www.dr1.com/index.html#9)