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Econoinvest Clients claim their dollars and prepare demand

A Econoinvest client group was organized to bring a lawsuit against the liquidators of the brokerage house because the payment is being made in bolivars, not dollars. And also for the delay to honor the commitments. The board began liquidating
this week to pay investors with which this company was in debt securities at the time of intervention, in May last year.
The payments were made in bolivars, not dollars, which caused discontent among customers, given that their investments are made at an exchange rate implied higher at today's official Venezuela (Bs.F. 4 , 30 per dollar). While others indicate that their transactions were conducted Econoinvest money from foreign exchange savings of a lifetime, so their assets are also disadvantaged. The other incorformidad
why they are willing to sue is by the time it took the joint liquidator in payments begin, after nearly a year after surgery and six months after the deadline established for the evaluation of requests for credits. January 28 is over the legal period established for that review.
But the greatest disappointment of customers is that in July last year, even before the start of the period for submission of requests for credits, the board checks liquidating taught many. At that time only gained a few, older people and other clients with medical emergencies.
"It took six months to analyze something that had already recognized from before," says one investor. "He taught me check was for the same amount than now, but I turned him over, "he adds.
The board approved the payment liquidating 2,057 individuals, some 405 companies and 28 savings banks. This commitment was honored Bs, and the reason According to the Board of Liquidators and the National Superintendency of Securities (Sunaval) is that the balance of the company could not bear the payment of all customers in dollars.
The Venezuelan Cash Values \u200b\u200b(CVV), the company currently in liquidation, had a restricted account to guarantee securities backed dollar repo transactions, which made up the majority of the claims.
From the supervisor told him to customers such operations had not registered that way. But in fact, from the Caja de Valores are approved access to the liquidators for that account to honor the commitment to customers. Investors now demand
review the final report of the settlement to confirm that in fact the balance of the company stock was unfit to give every client their money in dollars. Besides also seek Econoinvest statements in the Caja de Valores. For that will go to the Attorney General. Bonds
Exchange in limbo
Customers also demand payment of their bonds currency and know that the BCV, canceled in dollars. These currencies were deposited in the Econoinvest account, now handled by their legal representatives, the liquidators.
In May last year some managed to exchange cash their bonds in foreign currency. The meeting liquidating deposited into their accounts abroad. However, others were not so lucky, and still not recoup the investment they made in the offer of the Central Bank.
The situation is being repeated in the recent past due as of the Republic, as PDVSA.

World, 13/05/2011, 14-15, Carjuan Cruz