Former bankers to pay damages in US$2.5B fraud case

Santo Domingo.- Former bankers Ramon Baez Figueroa and Vivian Lubrano on Monday reached an agreement with the Central Bank to pay damages on the conviction of embezzling taxpayers money.

The also former banker Marcos Baez Coco asked not to specify the amounts until all of Baninter bank’s assets are liquidated.

Central Bank lawyer Carlos Salcedo made the announcement, but declined to provide details.

The National District Appellate Court ruling called for payment of more than RD$44.0 billion in damages.

Salcedo said Baez Figueroa and Lubrano withdrew the appeal, and motioned the Supreme Court to adjourn the bank fraud case, which cost taxpayers US$2.5 billion.