The Presidency issued Decree 499-21 that creates the Trust for Recovered Public Patrimony. The trust’s objective is to create an autonomous entity to serve as a legal vehicle to implement the recovery of illicitly diverted public patrimony over the next 20 years. The new trust will also serve as a mechanism to supervise the fulfillment of the goals and objectives of recovery by the lawyers hired by the Dominican state.
It will receive the resources coming from the recovered assets, manage and invest them according to their nature and risk criteria, and distribute them according to the rules established in the presidential decree.
The new entity will issue publicly offered securities to generate resources from the assets that are allocated as patrimony of the trust. The Dominican state will be the trustor, acting through the Legal Advisor Office of the Executive Branch. The Fiduciaria Reservas, S.A. will act as the Trustee.
The Trust will have a technical committee integrated by the minister of Finance, the minister of Economy, the legal advisor to the Executive Branch, the director of Ethics and Government Integrity and the Economic Advisor to the President.
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N Digital
13 August 2021