Investment fund representatives met with Assembly members

In the Swissotel of Quito, the representatives of 10 closed-end funds met with Assembly members to discuss possible actions to take in the event that the Assembly insists on transferring about $ 431 million of those funds to the Bank of IESS (Biess).

Funds Representatives from the National Development Bank, civilian employees of the Armed Forces, the General Directorate of Civil Aviation (DGAC for its Spanish acronym), Petroproducción, the Superintendency of Banks, the municipalties of Quito and Otavalo, Social Rehabilitation, universities and teachers, said during the meeting that the proposal of the government and the Assembly was a forfeiture.

Juan José Castelló, from the Teacher´s Staff Fund, said that the government intends to make decisions based on false information, even fooling the presidency. Catello cited as an example the document presented by the President at the meeting of last Sunday, in which he that said the teachers fund received (from the State) $ 15.8 million.

Jack Veloz, from the National Development Bank, said that it is intended to destabilize the culture of saving.

Juan Carlos Ruales, from the DGAC fund, asked the assembly members for the same reason to do everything as possible to archive the project.

The representative of the supplementary fund of the Superintendency of Banks stressed during the meeting that the purpose of these funds is voluntary and these have a private condition: “they can not be managed by strangers,” he said.