Guatemala: Former Directors of Bancafé Prosecuted

The Banking Unit of the Prosecution Office Against Organized Crime has accused them of a special case of fraud, comprising continuous money laundering and financial intermediation.

Wednesday, March 13, 2013

Eduardo Manuel González Rivera, his sons Manuel Eduardo and Jorge Alfredo Gonzalez Castillo, Ariel Estuardo Camargo Fernández, Moisés Cupersmith, Óscar Salazar Perdomo, Gloria Marina Barrios Pineda, Eduardo Antonio Palomo Escobar and his son Eduardo Alberto Palomo Marh, Patricio Andrade Falla, Álvaro Maldonado Vásquez, Celeste Aída Desirée Soto de Vetorazzi, Francis Frederick Fisher Theriot and Juan Eladio Campos Moraga, are accused "of having defrauded the company and led to its bankruptcy."

"The Banking Unit of the Prosecution Office Against Organized Crime has made an accusation of a special case of fraud, continuous money laundering and financial intermediation", reports

According to research by the Public Ministry of Guatemala, between 1997 and 2006, $200 million was transferred to the offshore bank Bancafe International Bank (BIB) by the former directors of the entity.

According to the prosecution, with that transaction 3336 people were defrauded, including depositors and investors.

More on this topic

Bancafe Asset Recovery

June 2012

$6.89 million will be disbursed to account holders of the bank closed in Guatemala in 2006 by the Monetary Board.

The status of the case up to June 12, 2012 according to PricewaterhouseCoopers (PWC) is as follows:

On June 12, 2012, the Custodian finished the calculations required to carry out a fifth distribution.

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