The file passes into the hands of the President of the National Assembly for inclusion in the plenary’s agenda before the legislative recess
The Oversight Commission of the National Assembly approved the report that recommends the impeachment and dismissal of the Superintendent of Companies, Víctor Anchundia Places, for failing to fulfill functions of surveillance, control and supervision of the stock market and companies subject to the law.
The report approved by nine legislators indicates that it is necessary for the Superintendency to carry out a verification and audit of the information recorded by the insurance companies, so that it can have a reasonable certainty of the financial information delivered in the balance sheets sent by the insurers.
Assembly members Ricardo Vanegas (Pachakutik) and Luis Almeida Morán (PSC) requested this impeachment because, in their opinion, Anchundia failed to fulfill its functions in what they called an “illegal market to negotiate securities in Ecuador”, as expressed by “the operations that were carried out with the Social Security Institute of the National Police (Isspol), show that a “parallel market” functioned with three preponderant actors: the Centralized Securities Depository (Decevale) and the Citadel and Valpacífico securities houses ”.
Vanegas considered that the Valpacífico brokerage is a key piece of the still incomplete puzzle of the operations involving the Police Social Security Institute, establishing that the damage to the Isspol was detected, for the first time, in April 2018 when José Ibáñez assumed the general management of Valpacífico.
Almeida, on the other hand, maintains that the late intervention of the Superintendency of Companies on the actions of DECEVALE, ratifies the political and administrative responsibility of its holder.
Superintendent of Companies defines responsibilities in Isspol’s lack of control of stock market negotiations
In the report of the Supervisory Commission it is recommended that risk rating companies be required to use a much more serious and rigorous process to issue their rating.
Likewise, it is suggested the suspension of the electronic and automatic issuance of the certificates of compliance with obligations, and that these be granted after a rigorous compliance verification process of the applicant insurer.
The commission suggests that the case file be sent to the Internal Revenue Service (SRI), so that it can carry out a tax audit to verify the adequate support of the expense generated through the automatic proportional reinsurance contracts of the company Interoceánica Compañía Anónima de Seguros .
The documentation of the report will be sent to the State Attorney General’s Office to carry out a preliminary investigation where it will determine the existence of the contractual relationship and the obligation of the reinsurers derived from the proportional automatic contracts not registered with the control body by the insurance companies. Insurance where a tax evasion could have occurred since the expense of the premiums assigned by these insurance contracts had been recorded, without the corresponding support.
That the report be sent to the Prosecutor’s Office for it to analyze and incorporate, as a contribution to the inquiries and open investigations regarding the Isspol Case.
In addition, it suggests that the officials who are members of the different ISSPOL Boards of Directors and their participation in the decision-making that led to the damage to said social security institution be investigated.
That the Ministry of Finance be requested through the Supervision Commission for the contracts entered into between Ecuador and Citibank (Purchase Agreements) in the issuance of sovereign bonds in order to detect which are the prerogatives that were granted to the bank.
The legislators point out that the lack of surveillance and control by the Superintendent of Companies could be verified, which leads to the conclusion that there is a breach of functions by not permanently verifying and verifying through the National Insurance Intendancy the referral and verification of the documents that support the issuance of the certificate of compliance with obligations so that insurance companies can participate in public procurement processes. (I)
Paul is a talented author and journalist with a passion for entertainment and general news. He currently works as a writer at the 247 News Agency, where he has established herself as a respected voice in the industry.
