Four members of the board of directors of the Asociaci?n Popular de Ahorros y Pr?stamos (APAP) ? H?ctor Mateo, Ligia Bonetti de Valiente, Pedro T. Esteva Troncoso and M?nica Armenteros de Torr?n ? have requested in a letter to Superintendent of Banks Julio Cross the resignation of APAP executive vice president Azor Hazoury, and board members Ricardo Pellerano and engineer Miguel Pimentel K. The letter was sent after these ?refused to carry out a serious and independent investigation int he facts related to the soured deal with Baninter,? as explained in the letter that is quoted by El Caribe newspaper.
The resignations are requested following allegations of a proposed US$90-million fusion with Baninter, the commercial bank that has been intervened by the government. The funds advanced were apparently under the control of Baninter vice president Marcos B?ez Cocco and hidden in an account marked ?Others?, which was maintained within the parallel bank operated by Baninter. The ?Others? account shows a payment of US$55 million to Hazoury for the ?fusion or purchase? of the APAP. The balance of the US$90 million was to be paid upon completion of the aborted fusion.
In a break from all legalities, Hazoury effectively would have sold something that was not his: A mutual benefit society whose owners are the depositors.
The Central Bank reported last week that Azor Hazoury was invited to visit the Central Bank and return the US$55 million, as well as any interest received from middle of August 2002 to the end of March 2003.
APAP is the largest Dominican loans and savings bank.