Guatemala. Is it legal to deposit public funds in private investment firms? What is the legal or illegal framework in Guatemala for these transactions?
What guarantees do these private investment firms give the investors?
Is it possible that the Board of Directors of any such private investment firm does not know when a hefty and fat sum of 82 million Quetzales arrived at their doorstep?
Who are the members of the board of Directors of Mercados de Futuro, S.A. (MDF), the happy recipients of the transaction from the National Congress of Guatemala of 82.8 million Quetzales?
How many other public entities are doing the same kind of lucrative transactions with public funds?
Does the Superintendencia de Bancos, the highest Guatemalan Supervisory entity of Bancs and Investment Firms have any kind of information system that is up to date?
If they have it, why didn't they inform about this transaction in a timely manner?
If they do not have an up to date information system that keeps track of this kind of transactions, what is the purpose of their existence?
What good it this highest Guatemalan Supervisory entity of Bancs if they have no current information?
My conclusion about this incident, which is relatively small compared to others that happened in recent years in Guatemala with big Banks, is a very sad one.
The Superintendencia de Bancos, the highest Guatemalan Supervisory entity of Banks and Investment Firms has served the Guatemalan public very poorly. It has not reported in a timely manner about hundreds of illegal and fraudulent financial transactions that have involved the private and the public sector.
This new incident confirms the theory that in Guatemala, or any other country, you can't really steal large amounts of money if the private or governmental banking and finacial institutions are not cooperative. But ... they are never on trial, are they?
The question is: who supervises the highest Guatemalan Supervisory entity of Banks?
