THE CASE/Proof of innocence             1 2 3 4 5 6

2 Central Bank loans were paid, there was no embezzlement

“I have based my opinion on historical facts and proof which have led to the nonexistence of the crime of embezzlement”.

The Central Bank which is the creditor that gave the money to Filanbanco and not the Isaias brothers, it was loaned to Filanbanco and not a personal loan”.

Attorney General Mariana Yepez
appearing before a Legislative Commission
The Central Bank loan to Filanbanco
Between September 14 and December 2, 1998, the Central Bank of Ecuador loaned Filanbanco 423.2 million USD. To guarantee this operation, Filanbanco delivered guarantees totaling 575.8 million USD.

THE TRUTH: It was not a personal loan to the Isaias brothers but, an institutional loan to Filanbanco. The Central Bank received the respective guarantees, charged high rates of interests and had complete control over the utilization of said funds. The loan was paid off and there was no economic harm to the State.

In addition to completely paying off the loans, Filanbanco gave the Central Bank of Ecuador around 90 million USD in interests, allowing said entity to benefit greatly while Filanbanco was facing liquidity problems.

The supervision by the Central Bank of Ecuador demonstrates the correct usage of the loans granted to Filanbanco. A report prepared by the experts appointed by the Supreme Court of Justice, at that time, Elvira Pino and Fernando Castillo affirmed that “there was no improper use of the liquidity loans by Filanbanco”. On the contrary, Filanbanco needed more funds than those received from the Central bank to fulfill the objective for which the loans were granted, forcing them to use their own liquidity for that purpose.


Reports from the Central Bank confirm the proper use of loan
Reports from the Central Bank of Ecuador, dated June 12, 2000, indicate that bank managers made good use of liquidity loans as they were designed to meet the deposit withdrawal demands of its customers, the payment of contingent operations, payments to banks and correspondents domestic and abroad, personnel expenses and interest to the CBE.


Attorney General: "there was no embezzlement"
Attorney General Mariana Yepez, who held this position from 1999 to 2005, issued an opinion on November 20, 2002, on the Filanbanco case where she confirmed that there was no embezzlement.

Her opinion was supported by evidence, documents and facts justified within the case. The case file consisted of 147 volumes, that is, 25,453 pages. The Attorney General also said that abuse or disposition necessarily implies an economic loss against a victim, which did not occur in this case because liquidity loans were not diverted to any affiliated company whatsoever, and that such loans were paid to the CBE evidenced by the Central Bank payment certifications signed by the economists Miguel Davila Castillo and Leopoldo Baez, as ex-manager and manager of the institution, respectively.
Guarantees caused no prejudice
The Attorney General went on to clarify that the guarantees did not cause economic harm, since the assets delivered covered the value of the obligation according to the reports issued by the experts appointed by the President of the Supreme Court.
False and reckless allegations
The author of the false and reckless accusation that the Isaias brothers "stole" money from the Central Bank and took it to Miami is their sworn enemy: Juan Falconi Puig; accusation which some opportunistic politicians and biased journalists have echoed using it in an immoral and irresponsible manner.

The U.S. State Department has already addressed this matter. After carefully reviewing the evidence presented by the defense of the Isaias brothers regarding the extradition request solicited by the Ecuadorean State, it responded negatively on June 20, 2013, stating the following:

"The extradition request from Ecuador, appears to be based on the theory that Roberto Isaias Dassum and William Isaias Dassum (" Isaias brothers "), during their tenure as executives of Filanbanco misappropriated funds provided by the Central Bank of Ecuador to Filanbanco. Ecuador has not provided evidence that Isaias Brothers deliberately participated in the planning of the misappropriation (embezzlement), nor that they took Central Bank funds in the amount specified amount”.




VIDEO: Mariana Yepez: "Isaias Brothers did not commit embezzlement".

Bankruptcy of Filanbanco is the consequence of a corrupt government administration.

All credits were paid to Banco Central. There was no embezzlement.

Confiscation was illegal, without court ruling and a Mandate that set them into legal helplessness.

Judges ratify the innocence of Isaias Brothers. Correists turn down the court ruling.

Ecuadorian justice manipulated and ruled by the executive power.

Processes with impartial judges, give reason to the Isaias brothers.


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