As many readers might already know, The New York Times edition dated Tuesday, 27 May carried an article titled ?Fallen Banker Courted in Jail Cell?, on the DR?s Baninter scandal and the man behind it, Ram?n B?ez Figueroa. Written by Tony Smith, the article calls the case ?the Dominican Republic?s most spectacular financial swindle,? and compares B?ez Figueroa?s current detention, where he receives family and friends outside of his jail cell, to that of a ?prince holding court?.
The article goes on to reveal the number of yachts (?at least 4?), helicopters (4) and airplanes (4) that B?ez Figueroa had at the time of his arrest, due to what the author calls an acquired taste for luxury. The Times even quotes Pedro Silverio, the head of the Cenantillas economic think tank, who said, ?In relative terms, Enron was peanuts compared to this.?
The newspaper reports that shortly after B?ez Figueroa was arrested, his lawyer said that PricewaterhouseCoopers, the bank auditing company, advised that it would no longer audit Baninter companies.
The newspaper carries comments by well-respected new Superintendent of Banks, Julio Cross, who told the reporter that the government is “determined to follow this through to the end.” Cross said Baninter’s owners “will have to answer for this, even if they have to sell the shirt off their back.”
According to the New York Times story: ?Many Dominicans think Mr. B?ez Figueroa will wind up forfeiting most or all of his business empire to the government, but few think he will languish behind bars. ?
The NYTimes story ends: “Here, no millionaire stays in prison for very long,” said Juan Bol?var D?az, co-founder of a civic group, Participaci?n Ciudadana. “This country suffers from untamed pragmatism.”
To read the NYT article online, visit The New York Times web site at http://www.nytimes.com and search for Baninter. Registration is free but required.