Former Directives of the Territorial Bank were found guilty of embezzlement

After two days of hearing, and two failed previous court summons, the Fifth Criminal Court of Guayas declared former controlling shareholder of the extinct Territorial Bank, Pietro Z., and former manager Raul S, guilty of the crime of bank embezzlement.

According to the prosecution, their accusation was based on documents and testimonial evidence. The first day of hearing, the prosecution presented as witnesses, the Superintendent of Banks and Insurance Solines Pedro and advisors and audit officials of the agency.

The Superintendency of Banks and Insurance also gave a report on the Territorial’s irregular financial situation, which presented alleged irregularities that led to the insolvency of the bank.

Territorial Bank