One year and six months after the intervention of the Institute of Development and cooperative credit (Idecoop) In the Savings and Credit Cooperative Herrera, Inc. (Coop-Herrera) due to a embezzlement Over the 2,500 million pesos, most savings still do not recover their funds.
The fraud, allegedly committed by the directors of the entity, according to the Public Ministry, left thousands of partners who entrusted their money to the cooperative in uncertainty.
José Alexander Rodríguez, executive director of the Association of Rural Savings and Credit Institutions (AIRAC), explained to Diario Libre that the deposits of the savings must be protected and returned according to the recovery plan, following the protocol of intervention and return of funds stipulated in the Law 127-64.
December 21, 2023, Idecoop ordered, by resolution, the formation of a “Government Corporate“To manage a strategy that will guarantee the recovery of the resources of the associates, after identifying serious irregularities in the cooperative. However, to date, concrete advances have been presented on the situation of the entity.
Administration Waiting for results
The Resolution 020-2023 of Idecoop It established that the Administrative Commission would be composed of members of members of members, investors and delegates of the entity itself. Its main objective is to guarantee the social and economic recovery of Coop-Herrera. In addition, a three -month period was set for the delivery of a first progress report, which has not been publicly announced.
According to Rodríguez, the steps taken by the regulatory body have been adequate, but warns that, given a case of this magnitude, it is essential to maintain strict supervision to protect the money from the savings.
Until December 2022, Coop-Herrera registered assets for a value of 10,740 million pesos.
Among the affected There are people who received financial certifications such as payment for the sale of real estate acquired by the previous managers, but who, according to the request for coercion measures, lacked financial support.
Victims and accusations
Among the victims is the popular merenguero Rafa Rosario, who filed a complaint in June 2023 against the cooperative for an alleged scam of 10 million pesos. Small businesses also appear that had all their savings there.
According to the Public Ministry, the defendants Jorge Eligio Méndez, Gabriel Santana Borsilea, Kenia del Carmen Liriano Pérez, Ana Cecilia Tejada Santos de Álvarez, Simona Borsilea, Jacer Eliazar Mejía Pereyra and Julio César Minaya carried out fraudulent practices, such as the simulation of loans and the issuance of false financial certificates, to divert the money from the savings.
The investigation, called “Own Operation”was declared as a complex case. In October 2023, the Office of Judicial Services of Permanent Attention of Santo Domingo Oeste issued coercion measures to the defendants, which included preventive detention for 18 months, house arrest and economic guarantee.
A process stagnant?
He process of intervention continued with the issuance of a third resolution, the 02-2024, on March 21, 2024, which reduced the period of the Government Corporate five to three years, with the possibility of extension for two additional years, if necessary. The same resolution established that in the first three months the recovery plan should be presented before the Council of Directors of Idecoop.
In September 2024, the new president of the IdecoopMaritza López, summoned an emergency meeting to the Government Corporate due to the lack of compliance in the delivery of the required report.
“Our administrator president, Maritza López de Ortiz, has convened said urgency to said Government Corporate to present the current status and the reasons that have prevented responding to the partners and customers of Coop-Herrera“indicates a statement from the Communications Department of Idecoop.
Free Diario contacted the communications manager of Idecoopwho responded that, so far, no information about the case will be given, since the president plans to offer statements in a future meeting with journalists.
Mobilization of the affected
Meanwhile, the affected have continued protesting in front of the offices of Coop-Herrerademanding answers about the return of your savings. Despite the intervention, the entity continues to operate to capture resources and deal with its financial obligations.
10,740
Millions of pesos were the total assets
that Coop-Herrera registered at the close of
December 2022.
Future uncertain
Unlike COOPOPULAR, another intervened cooperative that was dissolved and absorbed by another entity in January 2024 after a embezzlement of 123 million pesos, it has not been informed if Coop-Herrera It will be dissolved or merged with another institution.
The partners and saves of Coop-Herrera They are still waiting for a clear solution about the fate of their funds, while the Government Corporate and the Idecoop They still do not contrast results concrete on the recovery of the cooperative.
Law 127-64 and the return of funds in cooperatives
The Law 127-64 of the Dominican Republic regulates the cooperatives and establishes provisions for the return of funds to the partners in cases of retirement, dissolution or liquidation of the entity.
In case of voluntary retirement, the cooperative must return the value of the contributions and surpluses of the partner, according to the statutes. However, you can apply a waiting period or conditions not to affect your financial stability.
If the cooperative dissolves or liquidates, the law prioritizes the return of the deposits of the partners before their capital contributions, since the latter represent a risk capital. Before reimbuished funds, the cooperative must pay off their debts with third parties and, if there are not enough resources, partners may lose part or all of their contributions.
He Institute of Development and cooperative credit (Idecoop) Supervises the liquidation and must ensure that the partners receive their funds fairly. However, the law does not establish a specific mechanism for return in cases of financial crises, leaving this process subject to the situation of the cooperative and its internal statutes.
In short, the Law 127-64 Protects the rights of the partners, but leaves each cooperative to define the details of the process Fund return, prioritizing deposits on contributions and first ensuring the payment of external obligations.
Law 127-64, which regulates cooperatives, establishes in its article 47 that, in case of dissolution or exit of partners, these must return the funds to the savings and comply with the acquired financial obligations.
Rodríguez explained that, in the case of Coop-Herrera, the deposits would not be in danger, although he warned that the contributions of the partners could be at risk if the capital of the cooperative is insufficient.
“The State is the first to charge, but in this case, since it is not an entity that pays taxes, I do not believe that there is a state interest in recovering funds. First the deposits are paid and then the contributions. However, the contributions They are considered risk capital and could be lost, “said Rodríguez.
The contributions represent the capital that the partners invest to be part of a cooperative, functioning as actions that cannot be withdrawn and that constitute the capital funds of the entity. On the destination of the cooperatives’ funds, Rodríguez explained that they are deposited in local banks, which makes this sector the second largest in deposits within the financial system.
