For the possible commission of the crime of Tax Fraud, the Superintendence of Tax Administration intervened the commercial company J.I. Cohen.
The intervention was authorized by the Pluripersonal Court of First Criminal Instance in Tax and Customs Matters of the Municipality and Department of Guatemala, informed the Superintendence of Tax Administration (SAT).
Arguing that there is a temporary need for liquidity in colons, on October 26 the Central Bank of Costa Rica decided to participate in the secondary market by buying two different series from the Ministry of Finance, with a maturity of 9 and 10 years.
On April 13, 2020, the Board of Directors of the Central Bank of Costa Rica (BCCR) authorized its Administration to participate in the secondary securities market of the Ministry of Finance and defined the conditions under which these transactions would be executed, with the objective of mitigating situations of systemic tension caused by temporary liquidity needs in colones, informed the monetary authority.
Due to the Empresa Nacional de Energía Eléctrica is going through a financial crisis, the Council of Ministers approved the decree authorizing the intervention of the entity.
The guarantee to intervene the company was granted by means of Executive Decree PCM-067-2019, which argues that the intervention will be made for reasons of public interest.
In Panama, a group of businessmen from the Colon Free Zone have expressed concern about the bank's intervention, because although it was under investigation, it was allowed to engage with several companies.
As of September 9, local authorities took over the operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed. In October the Superintendence informed that the institution will continue to be taken, in this case until November 8.
Until November 8, 2019, the operational and administrative control of AllBank, Corp. was extended, an entity that was intervened because its " shareholders did not attend in time and opportunity the requirements of the corrective actions."
On September 9, local authorities took operational and administrative control of AllBank, Corp, arguing that the group of "shareholders did not respond in a timely manner to the requirements of the corrective actions" that were instructed.
The results of the latest supervisions carried out by the Superintendence of Banks of Panama reflect a strong weakness in the health of the loan portfolio, which added to a fragile management of Corporate Governance, the institution reported.
Some days after having initiated the administrative procedure against Aldesa Puesto de Bolsa, the judicial authorities of Costa Rica carried out several raids in the homes of the directors of the entity and its offices.
On May 24, through a relevant fact, the General Superintendence of Securities (Sugeval) explained that investigations would be made to determine whether or not the stock exchange carried out the necessary accounting records of accounts receivable payment operations for nine months.
In Costa Rica, the General Superintendence of Securities initiated an administrative sanctioning procedure against Aldesa Puesto de Bolsa, arguing that the company would not have kept the necessary accounting records.
On May 24, in a relevant fact published by María Luisa Fernández Garita, head of the General Superintendence of Securities (Sugeval), it was explained that investigations will be made to determine if the stock exchange post did not keep the necessary accounting records of accounts receivable payment operations during nine months.
In Costa Rica, Aldesa Corporación de Inversiones applied for judicial intervention because of lack of liquidity and announced the closing of the stock exchange.
From Aldesa's press release:
March 8, 2019. The uncertainty generated by the fiscal crisis among Costa Rican investors during the last quarter of 2018 led to a severe loss of liquidity in the market, which impacted the private real estate projects managed by Aldesa.
Since the beginning of the year Banco de Guatemala has intervened in the foreign exchange market buying foreign currency in order to curb appreciation of the local currency against the dollar, but in recent weeks it has been selling currencies in order to minimize depreciation.
In recent weeks the exchange rate of the Quetzal against the US dollar has been trending upwards, which has forced the Bank of Guatemala (Banguat) to sell foreign currency in the foreign exchange market.So far this year, up until September 24, it has had to intervene selling $402 million worth of foreign currency.
In Panama, the liquidation has been ordered of Blue Numbers Securities Inc., because it shows "lack of supervision and management, and a board of directors that is not very involved."
The Superintendency of Securities ordered the forced liquidation of the securities company Blue Numbers Securities Inc. and appointed Rafael Moscarella Valladares as liquidator.
At the beginning of 2018 Banco de Guatemala authorized intervention in the foreign exchange market for up to a maximum of $500 million, and by last Friday $349 million had already been purchased.
With the aim of curbing appreciation of the currency against the US dollar, at the beginning of the year the Monetary Board authorized intervention in the exchange market with the purchase of $500 million, and according to Banco de Guatemala, 70% was used in the first semester of the year.
An agreement was reached to extend for 90 days more the intervention of Banco Crédito Agrícola de Cartago, while discussion takes place of the plan that would allow its absorption by another banking entity.
The National Council of Supervision of the Financial System decided on May 22 to extend for three more months the intervention of Bancredito, whose status, according to the authorities, continues to be of "financial infeasibility".
So far this year the Banco de Guatemala has intervened in the foreign exchange market buying $282 million, less than the $320 million bought in the same period in 2017.
As announced by the Central Bank authorities at the beginning of the year, the institution continues to implement actions to reduce the downward trend registered in the price of the local currency with respect to the Dollar.In January 2010 the Quetzal was quoted at Q8.40 for each dollar, and in January2018 this figure reached Q7.34.
In Costa Rica, the financial supervisor recommended the Congress to apply the state guarantee to Bancredito and merge it with another public banking entity.
Luis Carlos Delgado, president of the National Council of Supervision of the Financial System (Conassif), "... confirmed to Nacion.com that (last week) they approved, in a definitive manner, the final report on the intervention of Banco Crédito Agrícola de Cartago (Bancredito), which concludes that the entity is no longer financially viable."
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