The delivery of millionaire credits and investments carried out without the legal reports made without the appropriate legal reports, and the personal account of an official where the Bank managed funds are some of the alerts mentioned by three audits of the Bank’s investment property of the Ecuadorian Institute of Social Security (BIESS ).
The research was also conducted by the Internal Audit Unit BIESS (UAI), also a private consulting Goldenbond and the Superintendency of Banks and Insurance (SBS). At the end of 2012 all these companies issued reports that were analyzed basically BIESS operations until last summer. The bank manages the funds of members of the Social Security Institute (IESS), which has approved investments of almost $ 617 million in construction-related businesses.
The three analyzes agree on three observations in some building projects.
The first: there are investments that were not approved by the bodies authorized by the Act and regulations BIESS the Banking Board.
The second: It revealed that there are Trusts created between Fiaidmi trusts and private property that have not been registered in the Securities Market, as it’s required by law.
The third: revealed that the BIESS handed direct loans to builders, although the law of the bank and the Banking Board rules do not authorize it.