Pedro Delgado Accused for Embezzlement

Pedro Delgado

The current president of the Central Bank of Ecuador and representative of the Management Unit for Public Rights (Ugedep), Pedro Delgado, had to declare in Miami, Florida regarding the case of the $ 800 thousand loan to the Argentinean businessman Gaston Duzac and his relation with him.

After an eight-hour interrogation, carried out by Lewis Tein (attorney of the Isaias brothers), last September 17, to which Delgado attended as part of a trial followed by the Government of Ecuador to the former owners of Filanbanco. The cousin of the Ecuadorian president, Rafael Correa, received harsh comments about his alleged participation in embezzlements that favour Iran.

Delgado was consulted about if he tried to sell COFIEC bank (property of Ugedep) to Iran, to which he said yes, but he added that he could have made offers in Uruguay, Colombia or the United States. When Tein inquired about the current operations in dollars between COFIEC and Iran, the attorney of Delgado, Alvin Davis, said he did not understand what was the relation in that subject with the Isaias case.

Tein answered: “Your client, Mr. Delgado has used the money he earned from the seizings for his own benefit and to embezzle money for the government of Iran. And he is totally biasing, since he has an ulterior motive in this case.”

The Ecuadorian official recognized that it was not legal to have given goods of Rocafuerte and Agricola Mercedes, seized from the Isaias, as guarantees for the loan to Duzac, afterwards he said that legal measures have already been taken. He also added that the coordinator of the Technical Secretary of the Trust, at the moment of giving that credit was his brother-in-law, Francisco Endara, currently out of Ecuador.