Vanguardia exposes the involvement of Vera attorneys in the sale PNB

Gutemberg and Alembert Vera

Gutemberg Vera and his son Alembert Vera, defence attorneys of the Ecuadorian President Rafael Correa, have been involved in the sale of the Pacific National Bank (PNB), which should materialize in March this year, and in the eventual sale of Panama’s Pacific Bank.

The issue is addressed in the latest edition of the Vanguardia magazine, which circulates since Monday. According to the publication, Camilo Saman, president of the National Finance Corporation, which owns Pacific Bank and its subsidiaries abroad, gave information to Vera about the details of the sale. Besides Alembert Vera, Galo Borja, former minister of strategic sectors and Miguel Mendez, a financial adviser, are involved in the negotiations of the business. Vanguardia revealed that in the communications of Mendez to Alembert Vera and Borja, its pointed out that a lower price of the sale could generate an extra benefit.

According to the magazine, on March 20, Mendez explains the details of what he does in communications with Borja and Alembert Vera, pointing out that the financial group has already achieved the signing of the financial institution in Colombia. He also talks about the legal advice fees, noting that the price of the sale “should be competitive, but not controversial” and that “there is no point making a transaction that is not perceived well, although it is desirable that the price is the small as possible, within the limits of what is acceptable,” according to the magazine stated.

The statement also mentions the possibility of selling “both” entities, this means the Bank of Miami and the Pacific of Panama, which could be done as a package and sell it a lower price. However, this decline could benefit because “We could talk about getting an extra benefit for us by the reduction, provided there is public acceptability of the operation.”

Finally Mendez, in the same communication revealed by Vanguardia, states “If I understand this there is the possibility that GV (Gutenberg Vera) the attorney for the owners of the bank to make the sale. That would be great … but we must consider the effects on public structure of the advisory group.”