Tuesday 21 September 2021

Former Bancredito General Manager and Board Of Directors Charged With Corruption

Paying the bills


Costa Rica worsens its international image as a place to do business

QCOSTARICA - Our country, Costa Rica, worsens in how...

U.S. to relax travel restrictions for vaccinated foreign air travelers in November

(Reuters) - The United States will reopen in November...

Today’s Vehicle Restriction September 21: Plates ending in “3 & 4” CANNOT circulate

QCOSTARICA - For today, Tuesday, September 21, vehicles with...

1,308 complaints about parties and agglomerations this weekend

QCOSTARICA - Police actions to enforce health regulations do...


Following the series of accusations and backlash levelled against...
Paying the bills


Guillermo Quesada was the state bank’s general manager when he authorized a US$800,000 bank guarantee to a company tied to the President of Bancredito board of directors. (La Nación)

The Ministerio Público (Prosecutor’s Office), in what appears on the government’s part looking for a scapegoat, has accused the former general manager of the Banco Crédito Agrícola de Cartago (Bancrédito), Guillermo Quesada Oviedo, of allegedly using his influence when at the helm of the the State to grant a bank guarantee for more than US$800,000.

Attorney General Jorge Chavarría confirmed that Quesada Oviedo would have interceded in 2010 to grant the financial benefit to a company linked to the brothers of Thelvin Cabezas Garita, who at that time was the President of the Board of Directors of Bancrédito.

- Advertisement -

“There was a default in the payment and the Bank had to make good on the (of US$800,000) debt,” said Chavarría, noting that Cabezas Garita is also as charged in the case, as the rest of the members Of the Board during that period.

The other directors at the time were (identified by their last names only): Sánchez Madriz, Solano Brenes, Garita Sánchez, Rivera Bianchini, Castro Castro and Dengo Solera.

The Prosecution contends that the group broke the Law against Corruption and Illicit Enrichment in Public Service (Corrupción y el Enriquecimiento Ilícito en la Función Pública).

Last week, the government of Luis Guillermo Solis decided to shut down the ‘commercial’ operations of the Bancredito, and despite the bank’s financial bungling, it will be maintained as a corporate bank to administer trusts, collect the airport/exit tax, continue to operate the duty-free shops at the country’s airports and provide assistance to other government institutions.

By Monday, May 29, 2017, Bancredito customers withdrew their deposits. Over the weekend, almost 5% of the bank’s deposits was withdrawn as customers looked to place their money in other financial institutions.

- Advertisement -
Paying the bills
"Rico" is the crazy mind behind the Q media websites, a series of online magazines where everything is Q! In these times of new normal, stay at home. Stay safe. Stay healthy.

Related Articles

What are we celebrating?

QCOSTARICA - From the gallows humor department is the following meme...

Potholes and weeds begin to invade unmaintained roads

QCOSTARICA -  In the worst of the rainy season, drivers have...

Subscribe to our stories

To be updated with all the latest news, offers and special announcements.

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.