Superintendent of Companies defines responsibilities in Isspol’s lack of control of stock market negotiations

The Superintendent of Companies, Víctor Anchundia, declared responsibility for the alleged lack of control in the stock market operations carried out by the Social Security Institute of the National Police (Isspol) with the Decevale company, for amounts greater than $ 90 million.

This was pointed out by the official during his appearance and presentation of defense evidence in the impeachment trial against him accused by legislators Ricardo Vanegas (Pachakutik) and Luis Almeida (PSC).

Legislators say there would be evidence to censor and dismiss the Superintendent of Companies for lack of control in the Isspol scam

Anchundia revealed that he has held the position of Superintendent of Companies since March 2019, although he was in charge from August 2018 to 2019. Before that, he served as National Director of Companies from 2011 to 2018, therefore, he remained outside the stock market , he clarified.

That after his position as superintendent, in April 2019, he appointed Carlos Murillo Cabrera as national mayor of the Securities Market, with which he was conferred all the powers that the regulations allow.

Therefore, he insisted that it is illogical, unlawful and absurd to try to hold him responsible for stock market operations that occurred before August 2018, at which time he was not performing the functions of Superintendent of Companies.

Anchundia said that Isspol had several losses and is controlled by the Superintendency of Banks and not by the Superintendency of Companies, however Isspol carried out stock market operations, but outside the stock market.

If the Isspol carried out stock operations outside the stock market, how is the Superintendency going to find out what they were doing? That it was only in 2020 that the Superintendency learned of the case when the Minister of Government, María Paula Romo, and the director of the Isspol at that time made information requests.

He showed the portfolio of Isspol managed by the Centralized Deposit for Clearing and Settlement of Securities (Decevale), where he said that negotiations with private global bonds began in 2015 for $ 327’300,000, when he was not superintendent of companies.

The second negotiation for $ 207’834,150 occurred during the 2014-2018 period, when he was also not a superintendent.

That in June 2019, when he was the Superintendent of Companies, despite the stock exchange operation outside the stock market, the Isspol did not report it to the Superintendency of Companies, nor did the Superintendent of Banks report that such operations had been carried out.

That in 2019, new operations were carried out from Isspol, but outside of the securities market regulations. What is known is that this operation was authorized by one of the Isspol officials, from his personal email to Decevale.

That on July 31, 2020, Isspol managers begin to request information directly from Decevale, and all they do is send a copy to the Superintendency regarding the request for who is the custodian of those securities, of those funds. global companies claiming to be the owners or who had bought.

With those copies, he added, they began to attract his attention and he began to work on a plan on the procedure following due process.

That on August 7, 2020, the director of Isspol, Jorge Villarroel Merino, expressly and for the first time requests the Superintendency of Companies to review the Decevale, in order to clarify the values ​​in custody in favor of Isspol corresponding to contracts of private repurchase agreement with Ibcorp Investments.

As of that date, the Superintendency of Companies warned the director of Isspol that stock market operations were being carried out outside the law, for which several control actions were activated that led to interventions.

The first deposit, which were the Global Depositary GDNs, were issued with an underlying asset of Sovereign Bonds of the Ecuadorian State, the auditor states that she received from Decevale a letter dated January 11, 2016, signed by the official Luis Álvarez Villamar, where she certifies that the January 8, he received a credit in the international custody account in the amount of $ 327’300,000.

That with the auditor, added the Superintendent of Companies, they revealed how Isspol had carried out operations through Deceval, using a brokerage house.

Anchundia said that the distribution of balances of the flows from the sales operations carried out for an amount of $ 327’000,000, held on December 30, 2015, with a value date of January 8, 2016, is not fair, being the selling principal the Isspol.

Citadel participated in both the selling end, the selling principal being Isspol, and the buying end, the foreign company CitiGroup_Nats Cumco Llc being the purchasing principal.

All these irregularities as of November 26, 2020 were brought to the attention of the Guayas Provincial Prosecutor’s Office, and it was ordered that an expertise be carried out where it is concluded that it is not found that any breach of functions or of the regulations has been determined by the Superintendency of Companies, nor by the Superintendent of Companies.

That Alfredo Valverde, from Isspol, directly intervened in the operations, who ordered the purchase of financial assets and does not verify their actual possession; Jorge Chérrez de Ibcorp, who offered the assets, but does not evidence their purchase, and keeps the funds in Decevale.

Gonzalo Navarro, Luis Álvarez and Oriana Rumbea, from Decevale, who were in charge of maintaining the funds in Decevale’s accounts, and administering the funds outside of the activities for which the company was authorized.

Carlos Xavier Neira, representative of Casa de Valores Citadel, who disposed of the funds assigned to him, without the due support to act in the stock market.

According to the Superintendent of Companies, Víctor Anchundia, the Prosecutor’s Office after more than a year of investigation has not determined any responsibility on the part of the Superintendent of Companies, which is why no charges have been filed nor is he being called to a preparatory hearing for the trial. . (I)