Ecuador attempted to sell bank to Iran in February

Posted on August 5, 2012 • Filed under: Business, Economy, Ecuador reported…..His name has been linked to the controversy since the financial crisis experienced in 1999. The once prestigious Ecuadorian Development Finance Company (COFIEC), which was the first private finance company in the country, has lived billow to billow from the May 23, 2002 the trial began coercive by the former Guarantee Agency (AGD) against its owners, its failed merger with Banco del Progreso. According to reports from the Internal Audit of the former AGD, its managers presumably altered the balance sheets. On this basis, the former AGD seized the majority package of shares of COFIEC and became the manager. Since then, the Trust now AGD-CFN No More Impunity has had on their hands the 93.10% of the shares, but could not exercise their status and, therefore, could not auction or sell, as there was a legal dispute with former owners. Read Article

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