Casa Tosi will be audited

The Superintendent of Banks, Pedro Solines, based on an article of the General Law of Financial Institutions, will be hiring a specialized company to audit Casa Tosi Stores.

The financial review of Tosi will be made after the discovery of links with the Territorial Bank, through its principal shareholder, Francesco Zunino.

According to the latest report from the firm Pacific Credit Rating, issued in January as part of a qualifying trading operation that Casa Tosi has, in the last four years, Casa Tosi’s revenues were deteriorating: 2009 had $ 27.83 million income, 2010 had $ 17.57 million, 2011 had $ 16.29 million and 2012 had $ 11.61 million.

Meanwhile, the Territorial Bank’s liquidator, which currently only has control of the majority stake but plans to eventually hold the administration and management of the five-store chain, claims the current manager of the company, Gabriel Colmenar, to convene a General Meeting.

“If he does not comply within 15 days, the Company Law states that the Superintendence of Companies will,” said Solines. “We hope the CEO (Colmenar) is reasonable and comply with the request of the liquidator,” he said.

Casa Tosi Stores are currently working on a regular basis.