Local April 9, 2013 | 8:27 am

Baninter bank fraud convicts appeal US$1.1B fine, hearing set for June 3

Santo Domingo.- The Supreme Court on Monday announced it will hear on June 3 the appeal to the RD$45.5 billion (US$1.1 billion) fine levied against the former officers convicted of embezzlement in the failed Intercontinental bank (Baninter).

The ruling on damages orders the convicts to pay US$1.1 billion to the Central Bank, despite that the fraud cost Dominican taxpayers US$2.5 billion.

Baninter convicts Ramon Baez Figueroa, Marcos Baez Cocco and Luis Alvarez Renta were sentenced to 10 years in prison and Vivian Lubrano de Castillo to five, but later pardoned by president Leonel Fernandez.

In addition to the sentences, they were also fined more than RD$68.8 billion in damages.

Baez Figueroa, Baninter’s former president, Báez Cocco, former vice president, and Alvarez Rent, its top financier, were sentenced to 10 years in prison and fined 100 minimum wages, while Lubrano de Castillo ex vice executive president, was to serve five years in prison and fined RD$1.5 million.

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