The Superintendent of Banks and Insurances, Pedro Solines, announced yesterday that the administration of the shares and assets of Casa Comercial Tosi, from April 1, passed to being state property.
“We took the administration of the shares and assets of Casa Tosi, over connections with Mr. Pietro Francesco Zunino (main shareholder of the Territorial Bank),” reported Solines.
The Territorial supposedly separated itself from Casa Tosi in October 2012 and it was announced that the shares were sold to the Swiss firm Soprex. This event was given in order to comply with the statutory provision, which makes private banks to separate themselves from other business not related to financial intermediation.
However, Solines told the media that, according to research-Francesco Zunino Anda appears as the owner of a trust established in Panama, which in turn owns another trust, which owns the Tosi store chain.
According to Solines, Zunino would have maintained a connection with the store. Consequently, Carlos Espinosa, Territorial Bank’s liquidator, will begin monitor the seizure process.
One of the possibilities being considered is that Casa Tosi is to be delivered to a private store chain that would like to handle it. In his statements, Solines guaranteed that the rights of workers and their stability will be respected.