QCOSTARICA — Coopeservidores R.L., a savings and loan entity intervened by the National Council for Supervision of the Financial System – the Consejo Nacional de Supervisión del Sistema Financiero (Conassif) – since May 13, accumulates losses that exceed ¢30 billion colones.
According to information published by the General Superintendence of Financial Entities (Sugef) on its website, in the first five months of this year, Coopeservidores’ losses totaled ¢30.586 billion colones.
This is due to the deterioration of its credit portfolio and the increase in delinquencies, which is greater than 9%.
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The Conassif intervened Coopeservidores for a period of 30 calendar days, which will expire this Thursday, following a recommendation from the Sugef.
Sugef detected “a series of situations that show business administration by the cooperative in such a way that endangers its security and solvency.”
As the deadline approaches for the auditor to render its report, the more than 700 workers of the institution are in a situation of uncertainty about their future and their labor rights. At the same time, the thousands of depositors of the savings and loan face the possibiliy of loss of all or part of their deposits (investments).
What if the company fails? In case of dissolution of Coopeservidores and liquidation of assets, the workers are the first to have their debts settled, as established by the Labor Code, then to creditors privileged by different laws such as the elderly.
Finally, everyone else will be paid on a priority basis.
Though the auditor has until June 13 to submit its report, but can request a 30-day extension if needed.
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