From the Senate it was reported that they are going to summon the director of the Central Bank of Paraguay (BCP) José Cantero and members of the board of directors to explain documents that are supposedly crossed out and that are related to the liquidation of Ara SA de Finanzas, an institution liquidated in the 2015 under the rules of the laws in force at that time, but everything would only be a move by the Guasu Front, to put a loyalist on the left in the bank’s board of directors and be able to use the reserves.
Senator Jorge Querey is the one leading this movement that brings to light an alleged irregular event in the liquidation that was made with Ara SA de Finanzas and that benefited third parties. To clarify all this is that they want to summon the president of the BCP to explain what happened and try to destabilize the Bank and be able to put someone who responds to the left in the directory.
The report, which according to Querey is unclear, explains that in April 2015 the BCP ordered the closure of Ara de Finanzas so that it ceases to operate in the financial market, since the Superintendency of Banks (SIB) confirmed that the entity did not have the minimum capital to continue operating. Ara’s license was awarded to him during the government of Fernando Lugo.
Now related to the political party of Lugo are those who ask for explanations about what happened in 2015 and open a dangerous scenario since they ask that behind the scenes of two cases be revealed that are protected by bank secrecy and one of them is the case of Ara SA Finance and directly attack the institutionality of the BCP.
The Guasu Front was the “godfather” of Ara SA de Finanzas to start operating in the financial system and its members are well aware of everything that happened, but now they bring this case to imply that there were dark maneuvers in the liquidation of this entity. They point to former presidents and former directors of BCP, to open a path to put their loyalists on the board of the bank and be able to use the financial reserves at the whim of the Guasu Front.
But nothing is further from reality, since in 2015 the Central Bank complied with each and every one of the liquidation regulations stipulated in the law.
The case of Ara de Finanzas was the first liquidation process in which all its savers preserved their savings. The BCP took care of all the details so that savers do not go through situations of losing money and in no case was it paid directly from the state guarantee of the Deposit Guarantee Fund (FGD). This fund has a direct payment limit of up to 75 minimum wages.
The savers’ money was always safe and all of it was transferred to financial entities that acquired these liabilities and were Interfisa Banco, Financiera Río (today Banco Río) and Banco Continental. With this maneuver two important questions arose, the first to save people’s money and the second to avoid damage to the credibility of the financial system with the crisis generated by Ara SA de Finanzas.
All these points are well explained in the different reports that the BCP issued at the time and that have now been brought to the Senate, but it is about sowing doubt about them, to generate a break in the BCP and try to get people from the left in the entity.
