Bank officials and directors, under scrutiny for fraud of BPA

“The ideal case has taken large-scale political dyes and has involved and put influential officials of the Andorran government in the showcase of the international scandal”

 

The reprehensible fraud orchestrated by senior executives of the Banca Privada d’Andorra (BPA), has taken large-scale political dyes and has involved and put influential officials of the Andorran government, such as the Minister of Finance, Jordi Cinca and the bank manager of the international department of BPA, Alexandre Saura Alonso, into the showcase of the international scandal.

Just a few hours ago, David Rivers, the general secretary of the Social Democratic Party (PS), has demanded the immediate resignation of Jordi Cinca, for his alleged involvement in the embarrassing case of the “Panama Papers” after having recognized that he had an offshore company in that Central American country between the years 1999 and 2000. This has severely damaged the image of Andorra.

In the case of the frozen 29 thousand accounts, the bank officials Alexandre Saura and Fernando Vázquez de Lapuerta, have climbed a mountain of manure by refusing to give information to the clients who want and have demanded to know what happened with their funds, and what will be their final destination. In addition, by closing the doors and the possibilities for the clients to recover their savings, even though they have provided supporting documentation proving the legitimacy and the origin of their funds.

Unfortunately, the affected customers and that have not committed any crime, not only have their accounts frozen, but also been violated of their privacy in a criminal manner.

What is serious after the scandal of the intervention of BPA and after a year of keeping in suspense thousands of clients, is that a flight of investors has started, that is sinking Andorra as an international financial centre. The Government of the Principality is facing a serious credibility problem, since it has not been able to verify the existence of irregularities that would justify the intervention of BPA.

The negligence, omissions and actions of the BPA administration, as well as by the Andorran Government and AREB, has been devastating, generated enormous damage, and placed the financial sector of Andorra at the edge of the abyss.

Even AREB has recognized that they are investigating possible criminal indications in the actions of the general managers and administrators of BPA, amongst which are the main shareholders and executives such as César Goyache, Lluís Marimon and Christian Merle.

After having resigned as general manager of BPA, David Betbese (who years ago, held the position of director of the International Private Banking of the financial group Credit Andorra), is now a member of the Board of Directors of VallBanc, the newly constituted “good bank” to which the assets and liabilities of BPA are being transferred.

This past month of March, was the first anniversary of the intervention of BPA, for which the Minister of Finance, Jordi Cinca, postponed the transfer of assets and staff to Vall Banc, for the umpteenth time. However, Vall Banc will inevitably be auctioned out once the assets have been transferred.