Late Friday night, on the eve of a long weekend, the authorities chose to break the news that senior Bancredito executives are being accused of a RD$20-billion fraud. Central Bank Governor Jose Lois Malkum announced that warrants were issued for the arrest of Arturo Pellerano of Bancredito and Felipe Mendoza of Grupo Financiero Nacional. Pellerano is also the owner of Omnimedia, which publishes Diario Libre newspaper and weekly news magazine Rumbo. It has been public knowledge for several months that the bank had been experiencing trouble, but fears were allayed earlier this year with the purchase of Bancredito by the powerful Leon Jimenes Group. According to Malkum, it was during the transfer of Bancredito to Leon Jimenez’ Banco Profesional that the executives were discovered to have made an attempt to cover up information. The accusations include the operation of a clandestine dual banking system, similar to the system allegedly run at the collapsed Baninter. President Hipolito Mejia responded by saying he disagreed with the decision to arrest the executives, and his stance was supported by District Attorney Maximo Aristy Caraballo. Speaking on Sunday night’s “Una vez a la semana” program,, Mejia said he had ordered the DA to delay the arrest until he (the President) had the chance to study the writ and to take the advice of legal experts. The papers today speculate that the government could be planning to intervene in some of the companies connected to Bancredito. Finance Minister Rafael Calderon said that if such a move were made, it would be in consultation with the International Monetary Fund.