QCOSTARICA — The Consejo Nacional de Supervisión del Sistema Financiero (Conassif) – National Council for the Supervision of the Financial System – in a surprising manner, ordered on Tuesday night the intervention of Financiera Desyfin S.A. on the recommendation of the Superintendencia General de Entidades Financieras (Sugef) – General Superintendency of Financial Entities – due to a series of irregularities that have led to an interannual loss of ¢4 billion colones as of June 2024.
According to Rocío Aguilar, Superintendent of Financial Institutions, the decision to intervene Desyfin is the result of a supervision that the Sugef has been carrying out since January of this year.
She confirmed that they began a process of reviewing the portfolio and it was determined that they had undervalued loan estimates, and said investigation revealed that Desyfin’s level of equity sufficiency reached 8%.
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“The level is called category three, which would imply serious problems of irregularity, showing that there was a reduction of more than 50% of the equity, as a consequence of the deficit in the specific estimates required for the credit portfolio,” said Aguilar.
Another element that influenced the intervention is that it was determined that there were deficiencies in loan management and the calculation of risk mitigators. Still, the Superintendent also denounced that the financial institution obstructed supervision.
Currently, Desyfin S.A. has 4,200 depositors whose funds have been frozen, and if the entity’s closure is ordered, would receive at least ¢6 million colones, as established by law.
This intervention process will last 30 calendar days, extendable to another 30 days. The Conassif appointed Marianne Kött Salas as the main auditor, who has a track record of legal advice at the Banco Central de Costa Rica (BCCR) – Central Bank.
Desyfin is registered in the Bolsa Nacional de Valores (National Stock Exchange) and is mainly dedicated to the financing of projects and contracts with the central government, autonomous institutions and private business. In the case of investments in the stock market, these are suspended for a period of 15 days and the stock exchanges were instructed to inform their clients.
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In July, Silvio Lacayo Beeche resigned as general manager of Grupo Desyfin, stating that he would take on more strategic roles in the company.
On Wednesday, Lacayo said they are working on a capitalization plan that will allow it to strengthen its financial position and thus continue operating.
In the first statement after the intervention announced on Tuesday night by the Conassif, insisted that it maintains its commitment to guarantee “the stability and solidity” of the institution.
“We are working hard on a capitalization plan to strengthen our financial position and ensure the continuity of our operations. This plan is part of our commitment to our partners, clients and collaborators to guarantee the stability and solidity of our institution in the long term,” said Silvio Lacayo.
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Lacayo insisted that they will collaborate “actively” with Conassif and the Superintendency of Financial Entities (SUGEF) in the investigation and that they will provide all the information that is required.
“I want to clarify that Financiera Desyfin has not concealed any information. From the very beginning, we have acted with complete seriousness, responsibility and transparency and have provided all the documentation required by Sugef,” Lacayo said.
Lacayo added that it will not offer further statements “in order not to hinder the ongoing intervention,” but that the priority will be “to act with transparency, responding to our values and the trust that our clients have placed in us.”
“We thank our clients, collaborators and the general public for their understanding and patience at this time. To the extent that we are allowed and have greater clarity on the process, we will provide further statements and updates on the situation,” Lacayo concluded.
The Conassif announced the intervention, in a surprising manner, on Tuesday night after detecting a sharp fall in the company’s assets, which also raises suspicions of “irregular and risky” management.
Desyfin
Desyfin entered the financial market in 1991, as a family business formed by Silvio Lacayo Sr. and has managed resources from the Inter-American Development Bank (IDB), the Andean Development Corporation (CAF) and the Central American Bank for Economic Integration, in addition to part of its shares being in the hands of the Norwegian Investment Fund for Developing Countries (Norfund).
In 2014, it entered into personal banking services, with credit and debit cards, as well as savings programs in colones and dollars, investment plans and a loan program for housing.
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