Corrupt agency eyes US$6.06B pension fund

Santo Domingo.- One of the most corrupt government agencies on Thursday stated its interest in dipping into Dominican Republic’s pension fund, which reached RD$261.4 billion (US$6.06 billion) on March 31, announcement that comes on the same day the Catholic Church accused lawmakers of taking taxpayer’ money for their personal "piñata."

The head of the National Housing Bank (BNV), one of the most corrupt Government agencies wants at least RD$26.1 billion (10% of the total) in its coffers once it becomes Dominican Republic Bank’s Export Development (Bandex) force.

The Bandex would use at least 10% of the pension fund to isue bonds, debt, CDs, among other papers.

The announcement even surprised Banks superintendent Rafael Camilo, who when asked about provision told journalists, "I took that out and they put it in. That’s not going. The Government put that in, and that is wrong."

Also surprised was Dominican Republic Industries Association (AIRD) vice president Circe Almanzar. "I thought they were going to eliminate that. When we spoke with the different entities, before that bill was submitted had said that ‘that’s going to create a problem’, so it seems that there are many surprised people.”

Almanzar added that the business sector is also concerned that the appointment of Bandex’s general manager and president would be by Executive Order, and not from a short list. "That can convert the entity into an agency that is merely political and for (electoral) campaigns."

Catholic Church

In its printed publication ‘Camino’ (the way), Dominican Republic’s Catholic Church raised concern over the use of taxpayers money by lawmakers. “They believe in gifts and alms that enslave is the solution to the poverty andmisery which many families live under.”