Francisco Endara Carried Out Decision for COFIEC

Francisco Endara Clavijo

Francisco Endara Clavijo, brother in law of Pedro Delgado, Director of the Trust AGD-CFN No more impunity (Ugedep) and cousin of the Ecuadorian president Rafael Correa, managed to interfere with the decisions of COFIEC bank, thanks to the Shareholders Board of COFIEC.

On March 28, 2011, thanks to a document made by Guillermo Macias and Fabian Albuja, legal representative and inspector of Fodevesa fiduciary, authorized Endara to attend and vote in the Extraordinary Shareholders Board of COFIEC, three days later, on March 31, 2011, Endara attended the Shareholders Board and proposed to place two alternates for the bank board, something that was not scheduled on that day.

The alternates would be Roberto Sandoval and Ivan Guerrero, director of Rocafuerte Insurance, which was seized by the State. Meanwhile for the second alternates he designated Eduardo Izurieta Silva, and himself. This proposal was approved by majority of votes. Roberto Sandoval pointed out that in that time he “didn’t knew Mr. Endara” and the proposal of being designated as a main director.

Five days later, on April 5, 2011, that Endara was named as alternate director, the National Quartermaster Financial Institution, did not qualified as a member of the Board.

Currently Endara works, since last March, in dependent for the National Financial Corporation (CFN for its Spanish acronym), as a trustee of Trust AGD-CFN, with a salary of $ 4,174, despite he has overdraft of a personal credit of $ 20,000 given on August 15, 2011, by COFIEC bank. He currently has a debt of $ 13,974,73 within a limit of 720 days to pay it. AV