Signing every two months, impeded from leaving the country and not approach the four complainants are the measures imposed by the Criminal Court of Goicoechea in San Jose against Javier Chaves, president of Aldesa.

Jorge Chaves leaving the Goicoechea court house at 3:50 pm Tuesday, after spending Monday night in jail. Photo Jeffrey Zamora / La Nacion

Chaves, who was arrested Monday afternoon during a raid of the Aldesa offices for six crimes, including major fraud against some 500 investors, was released Tuesday afternoon after spending the night in the court jail cells.

If the businessman fails to comply with the court order, he is exposed to the imposition of more burdensome measures, including pre-trial detention.

“At this point in the investigation, in the initial phase, these measures were predictable, so there has also been a lot of pressure on social networks and media; nevertheless, we consider them unnecessary because don Javier has always said that he will not leave the country and will not avoid justice,” said Francisco Campos, Chaves’ lawyer, who is also the husband of the Fiscal General (Attorney General), Emilia Navas.

Campos said that the people whom the president of Aldesa can not approach, according to the order of the judge, are three individuals (investors who filed a criminal complaint) and a representative of the Solidarity Association (Union) of the Datsun Agency.

The lawyer insisted that, as his client has said, “the lack of liquidity is temporary because there are assets that are going to cover all of the amounts (owed).”

The criminal case, file number 19-157-1220-PE, is related to the suspension of payments to some 500 investors who invested in Aldesa nearly US$200 million.

According to the case file, three major events caused Aldesa’s liquidity problems: the call of a US$4.5 million dollar loan by the Banco Prival, the non-payment of US$26 million dollars by the Rock Constructions company related to the Malaga City project in Alajuelita, and the failed closing of a warehousing project in El Coyol de Alajuela development for US$9 million dollars.

In March, Aldesa sought the protection of the bankruptcy court in San Jose, presenting a 3-year plan that included liquidating its real estate projects while keeping at bay payments to investors. The plan was rejected by the court.

The prosecutor’s office has requested Chaves be held in pre-trial detention (remand), fearing that he would leave the country to avoid justice. The fear is founded in that his wife, Edna Camacho, the current minister and coordinator of the government’s Economic Sector, who on June 5 presented her resignation to assume, as of July 1, the representation of Costa Rica before the Inter-American Development Bank (IDB), in Washington, D.C.