Published at: 22/01/2025 09:00 PM

(Latest News and EL NACIONAL, January 16 to 22, 1994)

• On January 16, 1994, Banco Latino, one of the largest banking institutions in Venezuela, suddenly closed its doors to the public, leaving hundreds of thousands of account holders without access to their deposits.
• As a result of the ripple effect of the fraudulent bankruptcy of Banco Latino, 18 banking institutions collapsed in a row, whose managers fled the country taking with them the financial aid granted to safeguard the interests of the account holders that the State should protect.
• However, the 10,272 million dollars, i.e. Bs.1,272,000,000,000, oo, given by FOGADE, to refloat these banks, were embezzled and largely taken out of the country for the benefit of the owners and/or political beneficiaries of the following banks:
  • Principal
  • BANCOR
  • La Guaira
  • Metropolitano
  • Maracaibo
  • Metropolitano
  • WITH FINANCE
  • CREMERCA
  • FIVECA Financial Company
  • Consolidated
  • Barinas
  • Ítalo Venezolano
  • Professional
  • Amazonas
  • Progreso
  • Construction.
  • Amazons.
• As a result of the bankruptcy of the 17 banks mentioned above, the BANK OF VENEZUELA was swept away. Which, being the oldest and most solid, left thousands of traders and investors in a precarious situation of bankruptcy. Some, seeing themselves totally ruined and in debt, committed suicide in a gesture of desperation.
• In this dance of billions, the government of Rafael Caldera II, inheriting the crisis of the previous government of Ramón J. Velázquez and in gratitude for the favors received, practically handed over, without benefit of inventory, 10.1 billion U$D to the banking leaders who were rewarded for the fraud committed with the subsequent embezzlement of the aid received.
• Months earlier, the elected president Caldera's campaign command received 20 million bolivars to finance his candidacy.
• In 1997, the deputy for Copei, Vladimir Petit Medina, husband of Nitu Pérez Osuna, acknowledged having received a large amount from the banker Orlando Castro to finance his political activities, “just as other important Venezuelan and foreign politicians did,” according to his textual statements.
• Among the crimes committed by fugitive bankers who embezzled the nation are:
  • Malicious approval of loans to companies you own.
  • Issuance of documents to hide embezzlement.
  • Forging public documents.
  • Continued use of public funds for own benefit.
  • Continuity scam.
  • Preparation and publication of false financial statements.
  • Violation of fiduciary rules.
  • Among others.

Mazo News Team