“In Ecuador there is no legal regulation that guarantees savers to recover their deposits, in the event of the closure of this type of institution” – Chronicle

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Jenny Leiva, harmed by the closure of the Nuevos Horizontes Cooperative in Loja.

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Jenny Leiva, harmed by the closure of the Nuevos Horizontes Cooperative in Loja.

In the National Assembly, the Political Oversight and Control Commission chaired by Elio Peña Ontaneda, will convene the authorities related to the popular and solidarity economy, mainly the head of the Superintendency of this sector, Margarita Hernández Naranjo, in order to explain about the processes of closing savings and credit cooperatives, as well as the payment of debts to the injured parties.

Previously, the agency received Jenny Leiva, representative of the injured parties from several savings and credit cooperatives, at the national level, who said that in Ecuador there is no legal regulation that guarantees savers to recover their deposits, in case of closure of this type of institutions.

He assured that, according to information from the Superintendency of Popular and Solidarity Economy (SEPS), there are 341 cooperatives in the liquidation process, with a total of 16 thousand damaged depositors, the largest number of institutions (150) went into liquidation in 2016. ” It is, in some cases, more than seven years after the closure of the entities and we do not receive a single cent, there are cases of retired people who deposited their life savings and, until now, they have not received their money, “he added.

He emphasized that the causes of this problem are not only in the shortcomings of the legislation, but in the lack of control of the Superintendency.

He indicated that they have presented specific proposals for reforms to the Organic Monetary and Financial Code, as well as the Organic Comprehensive Penal Code (COIP), to guarantee the deposits of the clients of the savings and credit cooperatives, on the one hand; and, on the other, to allow those who act as front men for the directors of cooperatives to be prosecuted, even in absentia.

David Silva, also a representative of the injured parties, reiterated that much of the responsibility for the damage to the savers of the cooperatives lies with the Superintendency of Popular and Solidarity Economy which, at the time of its creation, allowed various garage entities that belonged to the regime of the Ministry of Economic and Social Inclusion (MIES), will move to the solidarity economy.

Legislators Jaime Olivo and Dennis Marín, members of the Supervisory Commission, supported the concerns of those affected by the closure of the 341 cooperatives, to whom their deposits have not been returned so far.
On his side, Elio Peña, head of the table, compromised the work of the organism in the control of the process of closing cooperatives and the situation of the injured parties. Likewise, he stressed that they have formulated legal reforms to strengthen this sector, which should be subjected to a broad debate (I).

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