Filanbanco Case Seized by the Government

Coordinación General de la Administración de Activos y Derechos del Ministerio de Finanzas (previously known as AGD) announced, yesterday,  the credit reputation,  lawsuit, and fiduciary rights  impound  from companies such as Randleman Financial Inc.; Caribbean Financial International Inc., Corp. Myer Business Inc., Myer Business Ltd. e Inversiones Rogosa S.A.. This news appear five days after a credit cancelation given by Caribbean Financial International Corp. to Ecudos, a sugar company seized by the State.

It is assumed that all these companies would be linked to the Isaías Group, former Filanbanco shareholders.

Pedro Delgado, CFN – AGD No más impunidad Trust Found President, said Caribbean Financial International Corporation y C&Abogados had given a $ 60 millions credit to Ecudos and $30 millions to TC Televisión, Gamatv y Olytransa.

Xavier Castro, legal Isaías representative, acknowledge that Caribbean International Corp. belongs to the Isaías. Castro doesn’t agree with the seizing but, he recognizes they were made legally. With this procedure the government admits that it has inherited a large debt, he said.

Isaias debt should decrease because of seizing those companies’ funds, the Isaias lawyer stated. Debt expires on October 27, 2010.