The Company Televisión Satelital was declared in dissolution

Posted On 24 Jan 2019

Ecuadornews:

The company of the children of Ricardo R. did not present its accounts since 2016. In 2017 it was searched as part of the investigation into the Odebrecht case.

The company Televisión Satelital S.A. T.V.SAT, owned by the sons of Ricardo R., uncle of former vice President Jorge G., was declared dissolved by resolution issued on January 8, 2019 by the Superintendence of Companies, Securities and Insurance.

The decision is in a resolution signed by the national intendant of companies, Dorys Alvarado. The reason: “to be incurred in the causes of dissolution foreseen in the Law of Companies”, the document reflects.

The Superintendent of Companies, Securities and Insurance, Víctor Anchundia, explained that the television channel did not present the balance sheets or the financial statements of the last years, which is sanctioned by law.

On November 23, 2018, Televisión Satelital received a notification from the Superintendence of Companies where the intervention of the television station was established.

"La @SuperciasEC tomó una decisión de disolución y liquidación por el incumplimiento de TV Satelital de presentar la información actualizada a la autoridad de control" Ab. Víctor Anchundia Places, Superintendente de Compañías, pic.twitter.com/hyodbIwMe4
— Supercias Ecuador (@SuperciasEC) 23 de enero de 2019

Since then it was subject to control and the respective information was requested. “There were deadlines that the supervisory authority gave the company to present balance sheets and information and they did not comply,” Anchundia said.

Televisión Satelital exercised its right to defense and in December 2018 filed protection actions. “The constitutional judges, through the hearings, gave the reason to the Superintendent,” said the Superintendent.

The information presented did not meet the requirements of the control authority, which led it to determine its dissolution and liquidation. In order to continue with this process according to the law, on January 21, the Superintendency appointed Galo Prócel Ruiz as liquidator of the company, who has to review assets and clean up liabilities.

The shareholders, who according to the Superintendency are the brothers Adriana Rivera Ponce and Ricardo Rivera Ponce, can decide in a meeting whether to continue with the liquidation or reactivate the company.

🔴 Mediante resolución expedida hoy por la @SuperciasEC declaró la disolución y posterior liquidación de TELEVISIÓN SATELITAL SA. El proceso obedecen a que no se presentó información como balances y estados financieros de los años 2016 y 2017. Vía @cesar_eduarte pic.twitter.com/E4QWXyrYbb
— Pública FM (@PublicaFM) 23 de enero de 2019

By resolution issued today by the @SuperciasEC declared the dissolution and subsequent liquidation of TELEVISIÓN SATELITAL SA. The process is due to the fact that no information was presented as balance sheets and financial statements for the years 2016 and 2017. Vía @cesar_eduarte pic.twitter.com/E4QWXyrYbb – Public FM (@PublicaFM) January 23, 2019

Anchundia indicated that the mercantile company “has not disappeared. It is dissolved and in liquidation, but if they present the information they could be reactivated.” The deadline to submit the documentation is 70 days counted from January 8, 2019. The workers of the television work normally in the offices of Guayaquil.

Kevin Chalco, in charge of the news strip, said the channel will follow the legal process and asks the authorities to respect due process. He recalled that the intervention takes just two months and that the current Manager requested an extension to present these documents.

This channel was raided in the context of investigations against Ricardo R. and Jorge G., who in December 2017 were sentenced to serve six years in prison for being the perpetrators of the crime of conspiracy. The Superintendent said that the continuity of the air channel is in the hands of the Ministry of Telecommunications and Arcotel. (I)