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The
case investigated by the
Public Prosecutor's Office is
related to a supposed scam
involving suspension of
non-payments to 500 investors.
/ A.M. Costa Rica wire
services photo
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Prosecutor orders
arrest of Aldesa Financial’s
president, and conducts raids
related to $200 million alleged
fraud case
By the
A.M. Costa Rica staff
The Prosecutor's Office of the
Economic, Tax, Customs and
Intellectual Property Fraud
Division, confirmed the order of
raids that began 6 a.m. on Monday.
Twelve raids were conducted
related to the investigation of
the fraud accusations of two
financial companies " Grupo
Financiero Bursátil Aldesa and
Aldesa Corporación de
Inversiones," they said.
Before they could conduct the raid
in the company’s building in
Curridabat, judicial officers had
to take the company president,
surnamed Chaves- Bolaños to the
building from his home in Escazú.
Chaves- Bolaños is also on the
list of suspects of possible fraud
of $200 million.
In the afternoon, the prosecutor's
office confirmed the arrest order
for Chaves - Bolaños. "The suspect
will be given an investigatory
declaration in the Prosecutor's
Office, located in the First
Judicial Circuit of San José, and,
subsequently, will be analyzed the
existing procedural dangers and
eventual request for pre-trial
precautionary measures," said the
prosecutor's office on its
statement.
The prosecutor's office reports
that nine houses belonging to the
managers of the Aldesa company
were raided. In addition, the
offices of the company in
Curridabat and the offices of the
Grupo Sama company and the General
Superintendency of Securities
(SUGEVAL) were raided.
The case of alleged fraud is being
processed as file
19-157-1220-PE, and covers
"alleged crimes of fraud,
fraudulent administration,
delivery of checks without funds,
authorization and publication of
false balances, authorization of
improper acts and breach of
duties," said the Prosecutor's
Office in its statement.
The investigation says that the
case was opened as a result of a
series of complaints against the
Aldesa companies. "The raids seek
to gather evidence of interest for
the criminal case," said the
office in its statement.
According to the allegations,
"there is apparently inducement in
error to which the investors were
exposed, who believed that the
conglomerate of associations that
are part of Aldesa, was being
supervised by the General
Superintendency of Securities
(SUGEVAL), error that was possible
given to the link that all the
companies that are part of Aldesa
(regulated and not regulated),
since they use the same physical
space (same building), same
employees, website, telephone
numbers, brands, logos, board
members that also many of them are
part of all companies, " said the
Prosecutor's in its statement.
In addition, the Prosecutor's
Office reported that it is also
investigating the way in which the
capital of the investors was
managed, with the purpose of
establishing whether the money was
actually invested as agreed, or
whether instead it was used to pay
interest to others investors.
The case investigated by the
Public Prosecutor's Office is
related to a supposed scam
involving suspension of
non-payments to 500 investors.
In March, the company asked a
judge for approval of a plan,
known as a judicial administration
process, because the company had
cash liquidity problems. The plan
proposed was the suspension of
payments, for a term of three
years, and at lower interest
rates, to 500 clients who had
invested in the business of real
estate projects for an approximate
amount of $200 million.
The evidence confiscated by the
agents of the Judicial
Investigation Organization will be
analyzed and then a report of the
case will be sent to the Office of
the Prosecutor.
Aldesa Financial Group introduces
its self, on its web site, as "
one of the longest-standing
companies in the Costa Rican stock
market. It was founded as a
financial advisory and accounting
consultancy firm in 1968. Since
then, Aldesa has stood out to
continuous evolution that turned
it into a sound, knowledgeable,
and reliable business firm Aldea's
services include: Investment
Banking, Mutual funds, Investment
advice, and Trust Funds."
The representatives of Aldesa
Financial Group are expected to
issue a press release in the next
few hours.
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Should the prosecution speed up
the investigation due to the huge
number of investors suing the
company? We would like to know
your thoughts on this story.
Send your comments to: news@amcostarica.com
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