Wealthy family fires a US$26M salvo at Insurance Superintendent

Santo Domingo.- The Pellerano family, owners of newspaper Diario Libre, on Wednesday denied it embezzled US$26.0 million from the bankrupt insurance company, Segna, and said then Insurance Superintendent Rafael Santos authorized the investment of the funds.

It said Insurance superintendent Euclides Gutierrez forgot that his agency had approved Segna’s US$23 million investment in affiliated companies, not US$26 million, “as mistakenly stated by memo 0778 dated 12 March 2003, signed by his predecessor Rafael Santos, in response to a specific request, and which therefore cannot speak of embezzlement, but a legitimate deposit.”

"He forgot to mention that Segna, S.A. owes the Pellerano family the sum of RD$1.75 billion, deposited by the Central Bank on behalf of Bancredito in Segna’s account by the Pellerano family, through progressive disbursements on dates: 18/07/03, 07/23/03, 29/07/03 and 18/08/03."

The newspaper said the Pellerano family, on an agreement with the Central Bank, pays the total interest, and is up to date on all its obligations with that entity.

The latest salvo in the weeks-long dispute comes after Diario Libre Editor in chief Adriano Miguel Tejada filed a challenge before the Superior Administrative Court (TSA) to force Gutierrez to disclose the figures in Segna’s liquidation

Tejada “regrets the arrogant and non-transparent attitude of the Insurance Superintendent and Segna’s official liquidator, Dr. Euclides Gutiérrez Félix. His attitude doesn’t surprise us, however, because it is typical of those who confuse the roles which are assigned by law. Dr. Gutiérrez Félix is a simple liquidator. The funds from the settlement don’t belong neither to him nor to the Superintendence, despite a very questionable loan of RD$52 million taken from these funds, which financed the parking lot of that institution.