Desyfin proposes three measures to raise funds without signing any deal

This situation led Sugef to conclude that the proposed measures were not feasible and therefore to recommend to the National Financial System Supervision Commission (Conassif) that financial companies intervene, which became a reality on August 13.

In the Council Agreement published in the Official Gazette this Friday Gazette, According to the details, the entity submitted its action plan to the regulator by Desyfin on July 23. But on the 31st of the same month, the agency admitted that there was no agreement signed with third parties at that time, nor was there an agreement approved by the shareholders of Grupo Financiero Desyfin.

“Based on the review carried out by this Supervisory Authority of the information provided in the aforementioned letter DESYFIN-0127-2024, it is determined that the actions taken by the financial institution to strengthen the private partner are considered not feasible for the strengthening of the private partner in the short term, in accordance with document SGF-DSII020-2024 referenced in the Conassif agreement, given the high solvency risk presented by the entity”.

Visited: Desyfin case: Conassif suspends senior management and board of directors

Unsuccessful measures

• Evaluate Sell ​​up to 50% of shares From Arundadora Desifen The company has committed to capitalize the sale of Financiera Desyfin for approximately $8 million. The timetable provides for the company’s valuation exercise to be concluded on July 31, with documentation and closing activities to be concluded by December 2024.
• Merger of Financiera Desyfin Working with regulated financial entities to increase Desyfin’s share capital by $10.1 million. The timeline shows that the first activity: engagement and preliminary discussions with regulated entities, ends on July 8, 2024, and final approval will end on December 9, 2024.
• Selling a Mortgage Portfolio Trusted to different national banks, the amount is approximately $10 million, with a gross profit of $1.4 million. They noted that the signing of legal documents to complete the sale will be concluded in August 2024.

“The actions detailed in the Act concerning the entities in which intervention is ordered do not change the reasons supporting the decision to intervene,” the council concluded in its agreement reached at its meeting No. 1883-2024 on December 13.

Visited: Sugef: Desyfin’s Silvio Lacayo “forbids” employees to provide data immediately

The regulator conducted a special examination of Desyfin over an 18-month period, culminating in a reclassification of 20% of the credit portfolio balance as of June last year, which resulted in a multi-million dollar estimate because 21 customers defaulted on payments.

As a result, the financial company’s assets fell from £11.701 billion reported in June to £1.339 billion on August 4, a drop of 88.5%, according to the Conassif agreement.

This change resulted in the equity adequacy ratio being adjusted to a negative value of -0.06% from 10.20% in June last year. The deterioration of both variables is the legal reason to support intervention.

Three plans in less than a year

Sugef leader Rocío Aguilar recognized nation The main requirement for the financial firm is to present and implement an action plan to strengthen its capital. However, the entity submitted three different documents and did not fully implement any of them.

“In September 2023, they proposed as many as six measures, but after we asked, they did not specify any required dates. In December, they said they would repeal two measures. In July 2024, they proposed another plan that included the establishment of new shareholders, but they also ruled out the possibility. As early as July, they started implementing the third plan, which was also a general plan without details and dates,” said the leader.

The responsible persons stated that they never rejected or accepted any of the three documents because the same agency made changes to them.