Banco Progresso in financial problems?

Conchman

Conchman

Silver
Jul 3, 2002
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Been hearing a rumour that Banco Progresso is having financial problems, I am hearing it from the same people who warned me about Bancredito so I am concerned. Anybody else hear anything?
 
H

HOWMAR

Silver
Jan 28, 2004
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About a month or two ago there were rumors of trouble at Progresso. The Board had replaced the President for financial irregularities. He subsequently left the country. It seems though that the bank has remained stable.
 
K

Ken

Platinum
Jan 1, 2002
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Conchman said:
Been hearing a rumour that Banco Progresso is having financial problems, I am hearing it from the same people who warned me about Bancredito so I am concerned. Anybody else hear anything?
Click to expand...

If people who gave you reliable information before are concerned, I think that you should be, too.

The only danger is that sometimes rumores become self fulfilling prophecies.
 
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Jon S.

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Jan 25, 2003
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Let's just say that the issues are being worked at the highest levels. The Board of Directors is very involved in these matters and they have been resolved for the most part, just tying up a few loose ends at this time, so no worries. That's what I've been told directly by people at the highest levels of management in Progreso. And thank God because the DR doesn't need another financial disaster at this time. And Pedro Castillo left the country but believe me, they've kept an eye on him the whole time. Besides, the US authorities are on it as well so he can't get sneaky.
 
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samiam

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Mar 5, 2003
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I've heard the same rumors. Also heard most investors had to put up a substantial amount of cash to keep it from going under but there still seems to be trouble inside.
There are a lot of important business people of DR involved (ie.:Vicini, Barletta, Bonetti,Pastoriza) who are not going to let the boat sink a la baninter, but its still not clear if it'll sink or not.
Also heard from the same source that Banco Leon is up for sale. Apparently the Leon family is eager to get rid of it.
Keep an eye on the x rate and another on your cash!!!
 
H

HOWMAR

Silver
Jan 28, 2004
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Jon S. said:
Let's just say that the issues are being worked at the highest levels. The Board of Directors is very involved in these matters and they have been resolved for the most part, just tying up a few loose ends at this time, so no worries. That's what I've been told directly by people at the highest levels of management in Progreso. And thank God because the DR doesn't need another financial disaster at this time. And Pedro Castillo left the country but believe me, they've kept an eye on him the whole time. Besides, the US authorities are on it as well so he can't get sneaky.
Click to expand...
Just a few loose ends? :ermm:

-Amongst the goodies (the ones we know about) this guy bought with the bank's money are:

An appartment in Vail Colorado - Value unknown, but probably not worth peanuts.
- An appartment in Anacaona Ave., Santo Domingo - US$715,427.00
- An appartment in Palma de Mallorca, Spain - US$232,138.38
- An Intrepid sport boat - US$402,859.00
- Another property in Anacaona Ave. - US$158,000.00
- A helicopter - US$383,298.00 + US$450,000.00
- Spots to "park" his boat at Casa de Campo Marina - US$139,000.00

We all know what happens next...Just look at Baninter for a roadmap...
Click to expand...
 
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