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Peravia bank: Kidnapping, RD$500.0M embezzlement, tax fraud

Santo Domingo.- Banks Superintendent on Sunday reported that the Monetary Board proceeded to dissolve the bank Banco Peravia Ahorros y Credito, SA, in the heels of several incidents including the alleged kidnapping of one of its major stakeholders.

The Superintendence called on depositors to visit Banco Peravia branches to validate their deposits and CDs and urge debtors to pay their loans and credits.

The Superintendence said the bank was dissolved in compliance with Monetary and Financial Law 183-02, approved by the Monetary Board, and has proceeded to cross reference the assets and obligations with its depositors.

Local media report that Banco Peravia executives also incurred in an embezzlement of more than RD$500.0 million, and RD$40.0 million tax evasion.

‘Kidnapping’

On October 27 the Police said it had seized guns, tape and knives inside the white BMW auto left by a group of men, who allegedly tried to kidnap Venezuelan businessman Luis Rios Virla, who arrived Monday to collect a US$2.5 million debt from the Banco Peravia.

Dominican Republic US$4.0B bank fraud: Déjà vu again

The apparent fraud that led to the collapse of the Banco Peravia bank uncovers a lack of oversight by the Banks Superintendence, and a failure to learn the lessons from the demise of three major banks that hurled Dominican Republic’s economy into a tailspin in 2003, costing taxpayers more than US$4.0 billion.

The affirmation by investigative journalist Marino Zapete comes in the heels of Déjà vu lines formed early Monday and today Tuesday in front of Peravia bank’s four branches to demand the return of their deposits, after the Superintendence announced Monday that it will be dissolved.

Despite being aware of the Superintendence’s decision, dozens of customers opted to visit the bank’s main office on Churchill Av. in the Naco sector on Monday, looking to recover their money.

Source: DT

Category: DR News |

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Last updated December 4, 2016 at 1:52 AM
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