The Superintendencia General de Valores (Sugeval) – General Securities Superintendency – initiated an administrative sanction procedure against Aldesa Puesto de Bolsa.

“The plan of the three years is to advance the real estate projects to be converted to cash, and with that to pay out the investors, according to Javier Chaves, president of Aldesa Corporación de Inversiones.

The supervising entity opened the investigation on May 20, but the measure wasn’t publicly communicated until May 24, by María Luisa Fernández Garita, head of the Sugeval.

The main investigation of the Superintendency will be to determine why Aldesa Puesto de Bolsa did not keep the necessary accounting records of the operations of payment of accounts receivable for a period of nine months.

This generated “difficulty to know the financial situation”, according to Sugeval.

In case of demonstrating there was a lack of accounting records, Aldesa Puesto de Bolsa SA, would be in breach and under the Ley Reguladora del Mercado de Valores (Securities Market Regulatory Law) could face a fine of 5% of its assets.

Aldesa announced, on March 8, the closing of its stock exchange position, after requesting a judicial intervention due to liquidity problems in the Aldesa Corporación de Inversiones (ACI) business, the private unit of the group.

Investors in the ACI stand to lose millions of dollars invested, earning returns of 10% of more annually.