Former President Jamil Mahuad, was found guilty by Ecuadorian Justice for alleged embezzlement and sentenced to 12 years in prison.
The decision was taken yesterday at noon by Ximena Vintimilla, Judge of the National Court of Justice (CNJ for its Spanish acronym) in a 71-page report.
Mahuad declared a bank holiday in 1999 and a freeze of funds in the financial system, something that what local justice considered embezzlement.
“I have decided to convict Dr. Jorge Jamil Mahuad Witt (…) as guilty of the crime of embezzlement and offense punishable by Article 257, paragraph one of the Penal Code, who was convicted and sentenced to 12 years in prison.”
Regarding the decision, President Rafael Correa said: “That was a judicial question.” The damage done by the government of Mahuad was immense and the country is still paying it. “