Cooperativa Juan de Salinas, with 5,000 depositors, enters into forced liquidation

Anita Mena is the daughter of one of the 5,000 depositors of the Cooperativa de Ahorro y Crédito Juan de Salinas, located in the Rumiñahui canton of the Pichincha province, which entered into forced liquidation on December 1. He says that his mom, a retired woman, asked him a few months ago to find a good option to deposit the money he had saved for several years. Anita, who lives in the Valley of the Chillos, says that Several people recommended the cooperative to him because of its many years of history, and also because of the high interest rate (slightly more than 9%) that they offered.

Nevertheless, On December 1, residents of the sector already began to comment on the closure of the financial institution. In the offices located 100 meters from the well-known monument to corn, by the master Gonzalo Endara Crow, you can see the signs of the cooperative that invites its members to fulfill their dreams and offers between $ 5,000 and $ 100,000 in credits. You can also see several posters that inform interested parties that the cooperative entered the liquidation process, others that They warn of possible fraud that unscrupulous people may be committing when calling affected depositors. Those who have credits with the cooperative are also instructed to make their deposits in an account of the Alianza del Valle cooperative.

In agreement with the Superintendency of Popular and Solidarity Economy (SEPS), lCooperativa de Ahorro y Crédito Juan de Salinas began the forced liquidation process because it was It incurs in two causes: the first, the substantial breach of the intensive supervision program, and by part or all of the solvency indices at a level lower than 50% of the minimum required level.

Vinicio Díaz, who currently leads the depositors, said that they have managed to talk with the authorities and that it is known that 4,000 depositors would be covered by the Deposit Insurance Corporation (Cosede) and that the other 1,000 could not benefit from that regime. However, among the 1,000 depositors mentioned above, at least 600 are elderly and with catastrophic illnesses, which would be the first in the order of priority in the liquidation. In this way, explains Díaz, the potential number of injured could be 400 people. The depositors at the moment have been organized through a chat in order to be communicated through an official channel.

The Superintendency of Popular and Solidarity Economy explained, for its part, that has already communicated the liquidation to the Deposit Insurance Corporation (Cosede), so that the mechanism of coverage of deposits of amounts up to $ 5,000 dollars is activated covering the 93% of partners and depositors. The deadlines for this return will be communicated in a timely manner by the Cosede.

The Superintendency said that once the Resolution is issued providing for the payment of Deposit Insurance to depositors, Yesenia Petita Moreno Andrade, liquidator of the cooperative, will publish the information regarding the payment schedule. Depositors may contact the liquidator through the following email: yesenia.moreno@seps.gob.ec.

The control entity also indicated to depositors in general that to access the Cosede payment, no attorney or any additional procedure is required. It is recommended to contact the liquidator if you have any questions about the steps to follow.

For the purpose of establishing criminal responsibilities, if applicable, The Superintendency will proceed to forward the file to the Prosecutor’s Office so that the corresponding investigations can be carried out.

The SEPS also recalled that cooperatives are organizations of people and not capital, that is why “The partners must apply self-control processes in each of their organizations, since they are directly co-responsible for the good management of resources; reason for which they must be attentive to what happens in their cooperatives and are within their right to demand accountability from their directors and administrators ”. (I)