El Caribe reports that the legal counsel of Ram?n B?ez Figueroa, former president of Baninter, considered Scotiabank?s intent to purchase 35 branch offices of the collapsed bank at a price of US$25 million part of what they called ?the cannibilization and depredation? of Baninter?s assets on behalf of the authorities and a violation of the Monetary and Financial Law. The spokesman for the lawyers, Vinicio Castillo Sem?n said the deal could only be described as an intent to purchase the bank for the ?price of a dead cow?.
The lawyers say the announcement contradicts an earlier statement by the financial authorities that their goal was to secure money with which to pay back the depositors.
?Nevertheless, we make note that the US$33 million returned illegally by the Central Bank governor to the treasurer of Baninter, Manuel Guaroa Liranzo, by far surpasses the projected operation with Scotiabank,? said a statement issued by the legal team.
The lawyers also stated that the US$22-million amount returned to the board members of Baninter was transacted in special certificates of investment of the Central Bank, and US$11 million, precisely to the Scotiabank, was backed by a guarantee that Liranzo had given to the Banco Intercontinental.
The defense lawyers of B?ez Figueroa maintained that investigations should be conducted to determine whether Liranzo has had any type of participation in the agreement with the Canadian bank.
As reported in Hoy newspaper, Castillo Sem?n said: ?We would like to make it known that we are making contacts with law firms in Canada in the hypothetical case that they may want to buy beyond what the law allows and in an abusive way.? He stated: ?Julio Cross [Superintendent of Banks] wants to dispose of RD$30-RD$40 billion in assets in 72 hours at his discretion. That is madness on top of madness and all this is impugned by the Supreme Court of Justice.?
Peter Cardinal, vice president for Latin America for Scotiabank said that the memorandum of understanding signed with the Dominican monetary authorities is subject to several conditions, such as the signing of the definitive purchase documents. In a press conference, he told the press that they are aware the judiciary has yet to rule on the case.