Desyfin: Sugef files a complaint with the Public Prosecutor’s Office for obstruction of supervision

The leader provided this information during a press conference on August 13, where she detailed the intervention ordered by the National Financial System Supervision Commission (Conassif) to Desyfin due to the undervaluation of credit operations, which meant a decline in the financial adequacy of the financial company’s non-performing rate of less than 8%, equivalent to the third level of financial violations.

Aguilar explained that the complaint was filed on August 13 and was against a specific person. nation As to whether the complaint was directed at senior management and the board, Aguilar said, “It’s really directed at those who are responsible.”

Laura Suarez ZamoraThe Conassif president and Aguilar said that according to the Desyfin credit portfolio review process that began in January 2023, there were “irregularities and risks” in the entity’s management and its senior management, which led to the concealment of financial information and weak credit management.

Aguilar mentioned that throughout the regulatory process, the financial company was reluctant to provide the required information. He even added that for months the entity appealed to Conassif and asked for precautionary measures “to prevent certain actions from being taken.”

Sugef has been in constant communication with Desyfin over the past 12 to 18 months, as during this period the entity presented its action plans to strengthen its capital. Aguilar explained that three plans were presented, but none of them led to the realization of the proposed actions.

Visited: Conassif orders financial company Desyfin to intervene: losses in the first 7 months of the year

“We have had three action plans in total, including the last one that was recently presented. Unfortunately, none of these plans ended up materializing. Even what happened was that during the period when it was still open to comply with the plan, the entity changed it, and then we turned to the second one, which also did not work, and in the last one, seeing that no aspect of the merger could be realized in the short term, we decided to intervene,” he said.

The head also mentioned that Sugef drew the entity’s attention to the fact that Desyfin’s management body is made up of family members, “which always creates a series of conflicts”, which is why recommendations were made in the past, although he did not elaborate on which ones.

Conassif appointed Mariannet Kött Salas as intervenor in the process, which will initially last 30 days. According to Sugef, as of June last year the entity had 4,200 creditors, both individuals and legal entities, with commitments totaling 199.367 billion euros.