The Police Institute allocated more than USD 800 million in irregular and risky operations. In addition, some USD 693 million were made with the intermediary Jorge Chérrez.
Irregular investments of the Social Security Institute of the National Police (Isspol) amount to exactly USD 838 million, according to the calculations of the former director of the Institute, General Juan Carlos Rueda.
Of that amount, to date, at least USD 324.9 million is already past due.
This money is part of Isspol’s portfolio of non-proprietary investments, which were made through seven mechanisms, as shown in the following graphic:
In a interview with PRIMICIAS, March 19, 2021, General Rueda stated that “some of the investments ceased to be such and became accounts receivable. Those investments that were made with actuarial reserves, with the Institute’s reserves, are not producing returns today ”.
‘The Magician’, the biggest beneficiary
More than USD 693 million of irregular and risky investments were made, since 2014, through operations with the intermediary Jorge Chérrez, also known as ‘El Mago’.
Exactly those resources were delivered to Chérrez through three operations:
- Swap or financial swap: USD 327.3 million.
- Repo: USD 207.8 million.
- Global Bonds: USD 158.3 million.
“In the operations with Chérrez, USD 327 million were delivered in a swap, which is an exchange of flows, in which the Isspol never received the surety bonds, global deposit notes (GDN) or macro-securities. What Isspol has received over time for this operation is the payment of interest in cash or on paper, ”says Rueda.
And those interests, according to the investigations carried out by Isspol, they were paid with resources from the Institute itself.
“I just had access to a document in which it is seen that USD 32.3 million was delivered from Isspol to buy bonds, but those resources were distributed among companies related to activities of the Centralized Deposit for Compensation and Settlement of Securities (Decevale)”, says Rueda.
The Institute’s money has been misused, in this case by those responsible for managing resources in the Decevale.
Jorge Rueda, former director of Isspol
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Others USD 68 million from Isspol was allocated to the transfer of fiduciary rights.
These investments, almost all past due, were made with 38 trusts.
A fiduciary right is an investment instrument through which a investor acquires a right or an interest in a set of goods.
General Rueda maintains that in Isspol’s operations “that figure that was used to disguise loans, since the Institute does not raise money, nor can it make loans.”
“According to the investment regulations and the legal framework, Isspol is not allowed to make this type of transfer of rights investments. Investments are only authorized through securities issued and registered in the stock market ”, he warned in an interview with PRIMICIAS, on September 30, 2020, the Superintendent of Banks, Ruth Arregui.
Entities and individuals that participated in the transfer of fiduciary rights now want to return the resources, but through properties, which is not profitable for Isspol.
“The Institute needs liquidity and to develop investments, but investments that produce returns, that guarantee to provide benefits and provide pensions.”
Juan Carlos Rueda, former director of Isspol
“If figures such as the transfer of fiduciary rights to disguise a loan Isspol loses liquidity and lose security. The guiding principle of all the investments of the Institute should be security, then liquidity and then profitability ”, adds the general.
Unfulfilled companies
Another part of the investments, USD 42 million were used to purchase commercial invoices negotiable on the stock market.
These commercial invoices, which are unpaid, were traded on the stock market by the companies Delcorp and Fertisolubles, Casa Moeller Martínez and Crisol Comercial, and other companies that present the same problems.
Delcorp and Fertisolubles are part of the same commercial group. Casa Moeller Martínez and Crisol Comercial are also related companies.
For those financial scandals Delcorp and Casa Moeller Martínez have been canceled from the Public Stock Market Cadastre.
Other securities in which Isspol invested and which now has payment problems are corporate obligations, to which it allocated USD 147 million.
Unattractive properties
Finally the Isspol bought land for USD 35 million under the figure of real estate projects, “when real estate projects have nothing,” says Rueda.
These statements of the general refer to the Ambiensa land, “through which a gas pipeline passes, so that property could not be used for a real estate project, “he says.
In this type of operation, the most serious thing, according to Rueda, is the price at which the investments were agreed and the justification of the former directors of Isspol, David Proaño and Espinosa de los Monteros, for making them.
“The justification of the former directors of Isspol, Proaño and Espinosa de los Monteros, is that they were businesses with private resources. In reality, they are resources of the members of the Institution, they are public resources, as determined by the State Attorney General ”, says Rueda.
These are the amounts that Isspol paid for the real estate:
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