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Finance Minister: “I Forgot” to tell the president that the new deouty minister faces criminal charges

(QCOSTARICA) The new Minister of Finance, Elián Villegas, says "he forgot" to inform President Carlos Alvarado that the new deputy minister of Finance, Isaac Castro Esquivel, faces a criminal accusation by the Public Ministry for the alleged crime of breach of duties. This was admitted...

Court rejects Aldesa’s appeal against ruling for judicial intervention

Aldesa Corporación de Inversiones will have to explore other possibilities to reorganize the payment to its investors and avoid bankruptcy, after reporting illiquidity problems that affect their real estate project business. On August 7, the Tribunal Segundo de Apelación Civil de San José (Second Court...

Javier Chaves: No one is going to lose their money!

On leaving the Goicoechea (San Jose) courthouse on Tuesday, the president of Aldesa, Javier Chaves, rejected the charges presented against by the Ministerio Publico (Public Prosecutor) following the complaint of four clients and told the waiting press that "having liquidity problems is not the...

Presidency defends Edna Camacho after raids against Aldesa

Casa Presidencial (Government House) came out in defense of the still minister and coordinator of the government's Economic Sector, Edna Camacho, wife of the president of Aldesa, Javier Chaves. Chaves was arrested Monday afternoon following a series of raids by the OIJ and Fiscalia, including...

President of Aldesa, Javier Chaves, is released but unable to leave the country

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. Chaves, who was arrested Monday afternoon during a raid of the...

Was Aldesa A Total Con?

Rico's TICO BULL (OPINION) The headline this Tuesday morning by the Diario Extra, the self-declared most read newspaper in the country, reads: "Javier Chaves habría ideado plan para estafar a inversionistas" - Javier Chaves had devised a plan to defraud investors. The article written by...

President of Aldesa Arrested, OIJ Raids Offices and Homes

The president of Aldesa, Javier Chaves Bolaños, was arrested after the Prosecutor's Office for Economic, Tax, Customs and Intellectual Property ordered his transfer from the company's facilities in Curridabat, to the Tribunales de San José (San Jose Courts). At 3:12 pm, the businessman was escorted...

President of Aldesa Insists He Will Repay Investors In Full

The president of Aldesa, Javier Chaves, said he will repay in full - interest and principal - the 550 investors who invested US$200 million in his company. Among the group of investors are the savings funds of 32 'worker's unions' that could affect the savings...

Sugeval opens investigation against Aldesa Stock Exchange

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

Court rejects Aldesa Corporación’s judicial intervention

Incomplete financial statements and poor management of communication to creditors motivated the Bankruptcy Court of the First Circuit of San José (Juzgado Concursal del I Circuito de San José) to deny, on March 28, the Aldesa Corporación de Inversiones its request to submit to...

Sugeval suspends investment fund participation negotiations in Monte del Barco

The future for investors in Aldesa got bleaker as the Superintendencia General de Valores (Sugeval) - General Superintendency of Securities - on Thursday, March 14, the temporary suspension of the shares of the Monte del Barco project development investment fund, managed by Aldesa. According to...

“Buyer, beware”, main lesson in the Aldesa case

The "aintervención judicial", a process in Costa Rica akin to Chapter 11 in the United States, in the case of Aldesa provides a lesson for investors to beware before risking any significant investment to avoid loss of capital and/or interest payments. Last week, the Aldesa...

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