2024-05-22 21:25:24
The State bonds delivered by the Ministry of Finance for a land dispute to the Bucaram Aivas brothers have been paid by way of Vector International WMG.
After a protracted and questioned land dispute on Palo Santo Island (Guayas) towards the Ministry of Agriculture, the brothers José, Elías and Juan Bucaram Aivas obtained fee of USD 22 million, by way of inner State bonds on December 22. December 2023.
The Bucaram Aivas obtained these bonds formally, on December 27, 2023, by way of the Vector International WMG brokerage home, in an account of the Centralized Securities Depository of the ECB. It’s a brokerage home by which Mauricio Andrés Zurita Núñez is now supervisor. Zurita Núñez is the son of the Undersecretary of Price range of the Ministry of Finance, Olga Núñez.
When requested by PRIMICIAS, whether or not Olga Núñez knew that the bonds have been deposited within the account of the brokerage home the place her son works, Finance responded that, because the Ministry, “it doesn’t select the brokerage home the place the transactions are carried out with State bonds, that is the facility of every beneficiary.
In keeping with the ECB report, the bonds are within the identify of José Bucaram Aivas, who within the authorized course of for the land dispute was the legal professional for his brothers, and who has his tax domicile in Guayaquil.
Vector International WMG is a brokerage home with North American capital, which has places of work within the north of Quito, in keeping with its web site. In keeping with his LinkedIn, Mauricio Zurita Núñez has been working at Vector International WMG for about two years. And, in keeping with a letter introduced by the Vector International WMG Shareholders’ Assembly to the Superintendence of Corporations, Mauricio Zurita Núñez was appointed normal supervisor in January 2024.
What position does the brokerage home play?
To ensure that a beneficiary to obtain State bonds as a fee, it’s vital to rent one of many 30 brokerage homes that function in Ecuador, in order that the papers are deposited in a inventory market account, explains Diego Peña, professor of Inventory Market on the College of the Americas (UDLA).
And it additionally explains that every beneficiary of the State bonds decides which brokerage home they wish to use in order that the Ministry of Finance deposits the papers. However, along with hiring the brokerage home to obtain the bonds, the beneficiary can even rent the companies of the entity to promote the papers to different traders within the inventory market and obtain money in change, at a reduction, provides Peña.
There are traders who resolve to maintain the papers till they mature in keeping with the scheduled time period and gather the money from the Ministry of Finance. Authorities bonds are often issued for phrases of between three and 5 years. Nevertheless, nearly all of beneficiaries of state bond funds promote them instantly, as they convert the papers into money rapidly.
That is what occurred with the bonds that the Bucaram Aivas obtained, which have been already traded on the inventory market. “There aren’t any outlined charges, the beneficiary negotiates the speed for that service with the brokerage home, but when we’re speaking about an quantity of USD 22 million, it’s possible that the speed was 0.5% of that worth,” he explains. Grief. The Ministry of Finance stated that it paid that compensation to adjust to a habeas knowledge issued in 2021 by judges from Los Ríos.
However the actions of the judges have been noticed by the Constitutional Court docket in a ruling issued on April 18, 2024. In keeping with the Constitutional Court docket, the judges of Los Ríos exceeded their features by granting habeas knowledge, which might even fall right into a prison offense. Therefore, the Constitutional Court docket ordered Finance to get better these values.
The bond issuance course of
In keeping with the authorized and technical process adopted within the processes of granting fee of awards, the Undersecretariat of Price range requests the Common Coordination of Authorized Recommendation of the Ministry of Finance to ship a authorized report back to confirm that the awards meet all the necessities. And, if this report certifies that the necessities are met, the Undersecretary of Price range asks the Undersecretary of Public Financing to “allocate area within the capital preservation program.” This program refers back to the technique of fee of obligations by way of public debt.
In keeping with the report on the fee course of to the Bucaram Aivas, Núñez complied with these steps as Undersecretary of Price range. As a subsequent step, one other Undersecretary, that of Financing, “primarily based on the disposition of the Vice Minister of Finance to prioritize awards and their respective fee with State bonds,” knowledgeable the Undersecretary of Price range what supply of sources may very well be used to satisfy the award of the Bucaram Aivas.
And, from then on, it’s the Undersecretariat of Financing that, on December 13, proposed to the Bucaram Aivas in the event that they have been keen to just accept the bonds as fee. Then, on December 18, the Bucaram Aivas accepted and requested that the papers be deposited in that account of the Vector International WMG brokerage home.
Supply: PRIMICIAS