The Groups of the Families Eljuri and Egas, owners of ETV Telerama and Teleamazonas (two of the most popular TV Ecuadorian Channels) were forced by the Law to officially sell their shares on Wednesday night.
Representatives from both networks made the official legal action yesterday as they registered the change of their books of shares and shareholders at the Ecuadorian Enterprises Superintendency.
Neither of the owners of the two channels confirmed the identity of the new shareholders of their companies. The register of the change of shareholders was made in the very last day of the deadline they had to do so. The Ecuadorian Law gave time to bankers and shareholders of Financial Institutions to get rid of their investments on mass media until Wednesday 20.
According to the 29th Disposition of the Political Constitution, starting today, it is ban to members or representatives from private banks to have any kind of participation in medias.
In the last resolution of the Bank Board, it was decided that the ban only applies to the second degree of consanguinity or first degree of affinity to any member of the Board or representative of any Financial Company. In other words, cousins, uncles, aunts, nephews, grandchildren, brothers-in-law, and grandparents are all alowed now to be shareholders of their relatives’ companies.