Aldesa’s bankruptcy claimed: it would have altered the accounting data

QCOSTARICA – The bankruptcy court of the first judicial circuit of San José has received a request for bankruptcy of Aldesa, for alleged breaches that would lead to the insistence of the precautionary measures previously established by this authority on the financial group, which were intended to comply with financial obligations to its creditors, which exceed $ 200 million.

The company can now head for bankruptcy unless it finds other legal ways to reimburse investors.

The documentation deals with 3 specific points:

  • An alleged alteration of accounting information which should have ensured Aldesa the ability to generate the resources with which it was going to meet the funds owed.
  • Exclusion – from their declaration – of 13 companies, including several domiciled outside Costa Rican territory, more precisely in Panama, in which it is presumed where Aldesa’s money would be found.
  • Negotiations with previously selected creditors who have not been formally notified or informed before the Court and therefore their scope is unknown.

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The section of legal entities domiciled in Panama is relevant for creditors because now they presume that in these companies there would be a large majority of the funds of Aldesa, with which in principle, with which it had to meet the financial commitments to the investors.

“(…) This is proof that the aforementioned Panamanian companies are part of the EIG of the promoters – Aldesa and associates -, and therefore should have been included in the SCCP, which the promoters did not do, falsifying by omission the promoters, the information presented to its authority, becoming worthy of the ‘penalty of inadmissibility and opening of the procedure’ ”, quotes the official letter.

Among the Panamanian companies not included in Aldesa’s declaration of possession, there is an investment fund called Monte del Barco Real Estate Corp., which in turn has operated with other companies of businessmen. Costa Rican, including one named Orax, belonging for the year 2016 to the vice-president of the newspaper La Nación, Fernán Vargas, and that because of this legal status, he had to reach a conciliation with the Ministry of Finance of Costa Rica for the triangulation of approximately 1.4 billion yen that was not paid into our campaign treasury.

The bankruptcy court must analyze the evidence provided by the plaintiff and decide whether to accept the request to declare or dismiss Aldesa’s bankruptcy.

In the event that it admits bankruptcy, Aldesa must liquidate all remaining assets (which are not part of the previous foreclosure processes) and with these funds distribute them to creditors according to the investment percentages that each had.

The Aldesa case began in the first four months of 2019 when the institution itself requested a formal intervention before the judicial authorities due to a lack of liquidity.

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More than 500 people have deposited their savings and retirement funds in this financial structure, the amounts have reached an assumed figure of 200 million dollars.

Read more: Aldesa president insists he will fully reimburse investors

“Stealth” fixes. Regarding the alleged arrangements with creditors, according to legal representatives of affected creditors today, Aldesa and its executives apparently continued to hide financial movements even when they were subject to legal proceedings and benefited investors with whom they were involved. wanted to look good because of alleged closeness.

In order to continue operating within the framework of the preventive measures issued by the judicial authority, one of the requirements that Aldesa and its representatives had to meet was to present documents proving that they had goods and services that generate financial income, which in turn cover a significant percentage of the total debt with creditors.

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With these funds, the stock market group could then meet the obligations for up to 14 years.

For this justification, Aldesa has placed before the Real Estate Court in the tourism project Real Estate Development Fund Monte del Barco, in Papagayo, Guanacaste, lots to build luxury properties and other tourist structures.

However, at least two Costa Rican banks seized more than 75% of the total land for debts Aldesa already had with them.

That is to say that the financial group never included in its declaration that there were judicial recovery processes on these lands and that in the short term it would not be able to use them to generate income. income and pay off debts.

Javier Chaves, former president of Aldesa is accused of alleged fraud and improper administration of funds.

Read more: Aldesa President Javier Chaves released but unable to leave the country

Chaves is represented by Francisco Campos, a renowned Costa Rican lawyer whose name recently made headlines for his portrayal of Carlos Cerdas and Mélida Solís, of the Meco and Solís companies, in the Cochinilla corruption case and married to Emilia Navas Aparicio, who abruptly resigned from his post as Attorney General following the arrest of Cerdas and Solis.

Read more: Attorney General Emilia Navas takes ‘early retirement’

I’m not going to let my (high level) clients down because Emilia has a position, ”Campos refuted when asked about a possible conflict of interest as he was the defense attorney in an apparent corruption case on which the prosecution is investigating, led by his wife.

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