Racketeer link to Inter Duty Free sale

By Administrator |

A victory was claimed by authorities and the Government Commission of the Dominican Republic yesterday after a powerful businessman was found guilty of transferring millions of dollars from Baninter, the country's third largest bank, ahead

of its collapse in 2003.
Financier Luis Alvarez Renta claimed that money found in his account was part of $49m or more he had invested in airport duty free shops when he sold Inter Duty Free to Baninter's owner, Ramon Baez Fugueroa.
This trial is one of several surrounding the collapse of the bank, where approximately $2.2bn is said to have been lost through embezzlement, fraud and bad deals. According to statements read out in court, the bank had also hidden accounting records. According to court testimony, companies that Alvarez Renta controlled would borrow money from Miami banks using letters of credit from Baninter as collateral and Alvarez Renta would keep the money, while the Baninter bank would repay the loans.
Baez Figueroa and other executives from the collapsed bank are still awaiting trial.

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