QCOSTARICA — The investigation into the so-called “caso Aldesa” presents significant progress and has, to date, included multiple legal actions by the Fiscalia (Prosecutor’s office) that have allowed the collection of relevant evidence for the case, which is being processed for the alleged crimes of fraud and violation of article 158 of the Ley Orgánica del Banco Central de Costa Rica (Organic Law of the Central Bank of Costa Rica).
As reported by the Deputy Prosecutor’s Office for Economic Crimes, after the investigative acts are completed, the progress of the case is linked to the receipt of four reports requested from the Anti-Corruption, Economic and Financial Crimes Section (SADEF) of the Organismo de Investigacion Judicial (OIJ).
On Wednesday, Costa Rica president Rodrigo Chaves expressed publicly the possibility that the case could expire the statute of limitations. The statement by Chaves was made before a group of Aldesa investors invited to Casa Presidencial to address the slow-moving process.
However, Carlo Díaz, Fiscal General (Chief Prosecutor), maintained on Thursday that they are monitoring the Aldesa case to prevent it from being prescribed thereby addressing the concern of investors.
“Of course, in each case (file) there is a risk of prescription. We, within the Fiscalaia, have controls in each of the cases so that they do not prescribe. And, in this specific case, we have monitored the statute of limitations date and, obviously, we are going to carry out the corresponding actions to bring this case to the courts of justice,” said Diaz.
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The status of the case
According to a press release issued by the Fiscalia, of the 26 complaints that exist in this process, 22 would expire between the years 2028 and 2029 and, in the remaining four, the statute of limitations would be June 10, 2024.
They also pointed out that the main defendant, Javier Chaves Bolaños, who was arrested in 2019 and is currently free with “medidas cautelares” (precautionary measures) preventing him from leaving the country, is required to sign in at the Fiscalia every two months and not approach witnesses and victims in the case, which according to the latest report is more than 600.
In the same statement, the Fiscalia indicated that “the progress of the case is linked to the receipt of four reports requested from the Anti-Corruption, Economic and Financial Crimes Section (SADEF) of the OIJ.” These are forensic audit reports, which are expected on October 31.
What is the Aldesa case?
Aldesa was a company dedicated to financial and stock market businesses. It was made up of Grupo Financiero Bursátil Aldesa, which is regulated by Sugeval, and also Aldesa Corporación de Inversiones, which was not regulated by that superintendency or by the Stock Exchange.
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On March 8, 2019, Aldesa announced that it was facing a liquidity problem in its Investment Corporation and requested judicial intervention. In addition, it announced the closure of its stock market. The judicial administration process (similar to Chapter 11 in the United States) meant, at that time, a measure of suspension of payments, which was requested for 3 years and at lower interest rates, a fact that has affected investors since then.
On April 9, 2021, it was revealed that the Aldesa case had at that time saturated the Bankruptcy Court.
In June 2019, judicial authorities carried out a series of raids in the case for the alleged crimes of major fraud, fraudulent administration, issuance of bad checks, authorization and publication of false balance sheets, authorization of improper acts and breach of duties.
