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  • Judi Lynn (5299 posts)
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    Ecuador's presidential candidate accused of corruption

    Ecuador’s presidential candidate accused of corruption
    Source: Xinhua 2017-03-17 06:38:02

     

     
    QUITO, March 16 (Xinhua) — Ecuadorian presidential candidate Guillermo Lasso has been accused of using his position as economy minister to enrich himself during the country’s worst ever financial crisis, state news agency Andes said on Thursday.

    Lasso, an ex-banker and candidate of the conservative opposition, “multiplied his wealth by 3,000 percent” from 1999 to 2000, when he served as economy minister to former President Jamil Mahuad, according to the agency.

    “While millions of Ecuadorians lost their assets,” Lasso turned his million-dollar fortune into 30 million dollars “thanks to speculating with Reprogrammed Certificates of Deposit (CDRs), a document that was given to depositors for the value of their savings, but that had to be exchanged at the end of a year,” the agency explained.

    Amid the panic of an unraveling economy, the banks, including Lasso’s, then bought the CDRs at deep discounts, only to turn around and cash them for the full amount with the National Financial Corporation (CFN). The nation’s publicly-owned bank also went broke.

     

    bemildred, OzoneTom like this

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  • bemildred (3102 posts)
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    1. Excellent.

    It ain't the things you don't know that hurts you, it's the things you know that ain't so.