Vicentin Paraguay Directors Indicted for $5 Million Loan Fraud Against Banco Continental

Asunción: Two directors of the company “Vicentin Paraguay” have been indicted as alleged perpetrators of criminal fraud committed against Banco Continental. The amount of the alleged fraud is $5 million. This sum was granted as a loan to the company in question without a single installment of the loan being paid.

The prosecutors Laura Giacummo and Nathalia Silva have brought charges against the Argentine citizens José Luis Ganneschi (66) and Máximo Javier Padoan (54), managing directors of the company “Vicentin Paraguay”, for providing the Banco Continental with a loan of 5 million defrauded US dollars granted to the company since August 2019.

The first loans granted to “Vicentin Paraguay” were based on the company’s favorable equity situation, which, according to the company’s balance sheets, was due to the fact that it owned shares in the company Renova SA totaling G. 319,575,693,558, which is 16 .67% of the company’s share package.

In the loan applications, Vicentin Paraguay was obliged to notify the bank within ten working days of any event involving a change or material modification affecting its assets.

However, in November 2019, the company Vicentin Paraguay SA, represented by Máximo Javier Padoan, made a transfer of all the shares of the company Renova SA to the company Vicentin SAIC Sucursal Uruguay, without notifying Banco Continental of this material change in its assets.

$5 million loan fraud

On September 4, 2020, the company Vicentin Paraguay, represented by José Luis Ganneschi, concluded, at the request of Máximo Javier Padoan, a loan agreement with Banco Continental for an amount of 5,000,000 US dollars. With this loan, the company paid off the original loans and deducted the difference.

But again, the representatives of Vicentin Paraguay did not inform the bank of the material change in its assets that occurred through the sale of the shares they held in Renova. “It is important to clarify that Vicentin Paraguay SA did not receive any effective consideration for the transfer of these shares,” the prosecutor’s indictment said.

In this context, the Public Prosecutor’s Office adds that when granting the loan it was assumed that the company Vicentin Paraguay SA, represented by José Luis Ganneschi, would hold a 16.67% share in the company Renova SA, but this was not the case This corresponded to reality, as the company no longer owned these shares and had received no compensation for them.

Banco Continental disbursed the loan of US$ 5 million on September 4, 2020, repayable in six semi-annual installments, with an interest rate of 4% per annum and with a pledge of the shares of the loan as security, exclusively for the repayment interest on a company’s loan granted by a third party.

Vicentin Paraguay only paid 2 interest installments

The indictment presented by prosecutors Laura Giacummo and Nathalia Silva states that the company Vicentin Paraguay SA, represented by Máximo Javier Padoan and José Luis Ganneschi, paid only two interest installments.

In this context, it points out that on March 29, 2021, Vicentin Paraguay paid the amount of US $ 108,895, corresponding to the cancellation of interest rate No. 1/6 with a delay of 26 days; and on October 29, 2021, the Company paid the amount of $69,890, which corresponds to the repayment of installment 2/6 59 days late.

“In summary, the company Vicentin Paraguay SA, represented by Máximo Javier Padoan and José Luis Ganneschi, has not made any payments on the capital granted by Banco Continental of $5,000,000,” emphasize the representatives of the Public prosecutor in the indictment presented on Tuesday, March 12th.

Finally, they emphasize that to date all installments on the principal of the loan are overdue, so the conclusion is drawn in view of the lack of notification of the material change in its assets and the overall lack of payment of the principal of the loan of US$ 5 million , that the company Vicentin Paraguay SA, represented by Máximo Javier Padoan and José Luis Ganneschi, did not have the will to fulfill the obligation entered into with Banco Continental.

Weekly paper / ABC Color

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2024-03-16 09:11:26
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