In a very damning article, Hoy newspaper publishes the main points in the Central Bank report and shows the seriousness of the situation. According to the article, Central Bank technicians are estimating the total losses through fraud, overdrafts and ?irregular operations? to be as much as RD$55 billion. Central Bank Governor Jos? Lois Malkum showed the report to the media during a short meeting before last night?s speech. The International Monetary Fund calculated the losses to be between RD$45 and RD$60 billion, or the equivalent of between 55% and 73% of the National Budget for 2003.
\nThe majority of the siphoning was caused by using deposits to finance the purchase of non-productive and poorly administered businesses, which generated negative cash flows that were covered by overdrafts and loans. Another component was the elimination of RD$16.76 billion in overdrafts, advances, and special and confidential loans between January and March of 2003. Excessive expenditures in publicity and public relations, artistic activities and the expenses of Ram?n B?ez Figueroa and his close executives explain the rest of the leak.
\nB?ez Figueroa attributed the monetary differences to his donations to politicians and others. The report, however, says these donations add up to an insignificant RD$2 billion that pales in comparison to the estimated missing funds of RD$55 billion.
\nOn B?ez Figueroa?s list of contributions are the following: <\/p>\n
Sickness of Pe?a G?mez (33% GV, 33% AG, 33% RBF charges TC, house of Cambita).<\/p>\n
Purchase of vehicles and SUVs for former President Leonel Fernandez and President Hip?lito Mej?a.<\/p>\n
Payment of mobile phones in use by government officers and military. <\/p>\n
Payment of a monthly allowance of RD$150,000 to former President Leonel Fernandez.<\/p>\n
Purchase of 10 Rolex President (gold) watches delivered to Pepe Goico.<\/p>\n
Contribution to the PRD for the 2002 congressional election.<\/p>\n
Donation to the PRD for the celebration of election campaign activities, including meetings
\nDonations to other political parties for electoral campaigns.<\/p>\n
Donations to President Balaguer for the purchase of Three King Day toys.<\/p>\n
Covering of the cost of renting airplane for the trips of Presidents Hipolito Mejia and Leonel Fernandez.<\/p>\n
Expenditures of the Bavaro Iberoamerican heads of state summit.<\/p>\n
Communication equipment for internal security.<\/p>\n
Payment of monthly allowances to around 70 generals.<\/p>\n
Donations to the Catholic Church.<\/p>\n
Contributions to members of the Supreme Court of Justice.<\/p>\n
Contributes to Danilo Medina and Hatuey de Camps. <\/p>\n
Pepe Goico fraud.<\/p>\n
Donation to the Fundacion Global, Democracia and Desarrollo of former President Leonel Fernandez.<\/p>\n
Donations to educational organizations and non governmental organizations.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a very damning article, Hoy newspaper publishes the main points in the Central Bank report and shows the seriousness of the situation. According to the article, Central Bank technicians are estimating the total losses through fraud, overdrafts and ?irregular operations? to be as much as RD$55 billion. Central Bank Governor Jos? Lois Malkum showed … <\/p>\n