More moves in the BCN: Ortega saturates the board with former Bancorp delegates

More moves in the BCN: Ortega saturates the board with former Bancorp delegates

The regime of Daniel Ortega and Rosario Murillo moved three of its files from the sanctioned and liquidated Banco Corporativo (Bancorp) and appointed them proprietary members of the board of directors of the Central Bank of Nicaragua (BCN).

With the presidential agreements 54-2022, 56-2022 and 59-2022, the dictator appointed Tirso Celedón Lacayo, Germán Manolo Miranda and Francisco José Quiñónez Murphy to occupy a chair as new members of the BCN.

Bancorp was established with funds from the Venezuelan cooperation sent by Hugo Chávez to Nicaragua through the company Alba de Nicaragua, SA (Albanisa), a private mixed company owned by the Venezuelan state oil company PDVSA (51%) and its Nicaraguan peer Petronic. Bancorp and Albanisa are two companies linked to the business of the presidential family.

Related news: Director of the sanctioned Bancorp is now a member of the Council of the Superintendence of Banks

Francisco José Quiñónez Murphy was appointed director of the BCN since March 31, but was installed in the position as of April 6, 2022 after publication in La Gaceta. Quiñónez was vice president of Bancorp since its foundation, on April 6, 2015.

Germán Manolo Miranda is the other new director of the BCN who worked at Bancorp, according to public records he served as business manager of the financial institution since its foundation.

Other Bancorp officers

On January 20, 2020, the dictator Daniel Ortega appointed Ervin Antonio Vargas Pérez, former director of Bancorp as proprietary member of the board of directors of the Superintendence of Banks and Other Financial Institutions (SIBOIF). In that year, on the SIBOIF page, Vargas’ name appeared with the position of Bancorp security guard.

The United States sanctioned Bancorp on April 17, 2019 pursuant to Executive Order 13851. Due to this action, its assets in the US are frozen. After the sanction he was financially dead and went through a liquidation process.

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