The AELU Savings and Credit Cooperative (Aelucoop), which was founded in 1980 by partners from the La Unión Stadium Association (AELU) in Lima; was intervened by the Superintendency of Banking, Insurance and AFP (SBS), in compliance with Law No. 30822, which gives the Superintendency, the mandate to supervise savings and credit cooperatives (Coopac). Now he is investigating alleged irregularities committed by his previous administration, since the loss of social capital and the cooperative reserve would have been caused by mismanagement.
The SBS has even published a press release in which they indicate that the Superintendency has filed on August 20, before the Public Ministry, a complaint against Mr. Miguel Zeballos Hatakeda and former directors, managers and officials for alleged crimes against property , in the form of fraudulent administration and illicit appropriation; as well as the crime of financing through fraudulent information and the crime of distorted audit reports, to the detriment of Aelucoop, its partners and the State.
How the AELU cooperative got to this situation
According to a statement published today on the SBS website, it was announced that: as part of the prudential supervision carried out by the superintendency, it was identified that the accounting and financial information presented by Aelucoop contained significant errors and inconsistencies. With this finding, subsequent control actions determined that, during the administration of the former general manager, Miguel Zeballos Hatakeda, the entity’s accounting information was manipulated in order to hide the true delinquency of the loan portfolio, as well as show income and profits. unreal and an overrated heritage.
Even more serious is the fact that the granting of large loans to economic groups and companies linked to the cooperative was identified, which had been created with the purpose of carrying out supposed real estate projects; however, these credits were approved and granted without carrying out a correct analysis of the payment capacity. According to the SBS, these fraudulently granted credits represent more than 80% of the entity’s capital losses.
The SBS even stated that: it was simulated that these debtors were up to date in their payments, falsifying the credit rating and the calculation of provisions; in some cases, express orders were issued to suspend collection actions; and, in others, the guarantees were lifted, without the debtors having canceled their pending obligations.
What will happen now with savers
The financial institution is not subscribed to the Deposit Insurance Fund (FSD); so they do not have the coverage of this; However, thanks to the actions of the SBS and the restrictions imposed on the entity, there is a fund of S / 24,000,000.00 (Twenty-four million soles), with which the SBS will be able to initiate the return of the deposits, to the saving partners, for an amount of up to S / 3,000.00 (three thousand soles).
This return process will begin on September 8. In this way, 75% of the saving members will be able to recover their savings. This does not mean that savings partners with larger funds will lose their savings, since, during the liquidation process of the institution, all the institution’s assets will be sold, which will allow the payment of labor obligations and the rest of the savings. of the partners. However, it is not yet known how much this amount could be.
According to the SBS, the lists of the saving partners with the information of the amount and date of repayment will be reported from September 4, through the SBS and Aelucoop portals.