One would have thought those with savings at the Cooperative Nacional de Herrera were low-income people. On Wednesday, 28 June 2023, Noticias SIN reported that millionaire merengue band leader Rafa Rosario filed a complaint against the cooperative that is undergoing significant cash flow problems.
Investigative journalist Alicia Ortega recently revealed the dire situation facing depositors at the cooperative, known as Coop-Herrera. On the books, the cooperative was doing swell, but depositors have not been able to get their money out.
Rosario complained that he had trusted the cooperative with RD$10 million and now doesn’t know when he will be able to get his cash back.
The plaintiffs expressed that they are confident that the authorities will investigate Rosario’s claim and that of thousands others affected by the lack of liquidity at the financial institution.
Cooperatives are practically self-regulated in the Dominican Republic. They do not fall under Monetary Law nor the supervision of the Superintendence of Banks.
Read more in Spanish:
Noticias SIN
Listin Diario
29 June 2023