The Attorney General’s Office managed to recover USD 4.9 million including interest, in the case of the Ortega Trujillo brothers, also called the Banco Continental case.
The Attorney General’s Office informed today, April 22, 2019, through an official statement, that the transfer of funds was made on April 10, 2019, in favor of the Interamerican Asset Management Fund Limited (IAMF) in a Banco del Pacífico account.
The statement stresses that, on March 23, 2015, the defense of the State obtained a favorable ruling by the Privy Council of the Queen’s Court in London, within the lawsuit against Conticorp S.A. and the Leonidas brothers, Luis Alberto and Jaime Ortega Trujillo.
They were sentenced to pay the sum of USD 192 million for damages, plus interest and costs in the Banco Continental case. As a beneficiary of the payment of USD 4.8 million IAMF, domiciled in the Bahamas, whose owner is Banco Continental Overseas Curacao.
This company is in turn owned by Banco del Pacífico (Ecuadorian financial entity, whose shareholder is the State). The Attorney General’s Office said in the press release that in order to recover the funds, enforcement actions were initiated in several jurisdictions.
One of them is the USA in the state of Florida, where assets of the Ortega Trujillo brothers were located. As a result of these actions, the Eleventh Circuit of Miami-Dade County issued a decision in favor of the IAMF for the amount of USD 4.3 million.
The Attorney General of the State affirmed that it will continue with the recovery of the resources of the Ecuadorians, in this and other cases. (I)