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The Superintendence of the Financial System (SSF) has announced that depositors with less than $6,000 in their accounts at the Cooperative Savings and Credit Union Santa Victoria RL (COSAVI) can now withdraw 100% of their funds.
The head of the SSF, Evelyn Gracias, assured that the government is committed to returning the savings. “We are activating a new layer of savers and giving them money back; this time we will give it back to people who have savings of up to $6,000,” he said.
Depositors must go to the only authorized COSIVI branch located at Gabriela Mistral Street, San Salvador, from 8:30 am to 5:00 pm Monday to Friday and 8:30 am to 12:00 pm on Saturdays
COSAVI Corruption
On May 10, 15 people, including former directors and former employees of COSAVI, were arrested and charged with illegally stealing $35 million. They were prosecuted for money laundering, defrauding the public economy, concealment and illegal groups.
On June 7, the Attorney General’s Office (FGR) filed a lawsuit against six companies that, according to its investigations, were used to launder money from members associated with the Santa Vitoria Savings and Credit Cooperative (COSAVI). The lawsuit was filed in the Civil and Commercial Court of San Salvador.
The FGR seeks an order under Article 352 of the Commercial Code to dissolve and liquidate these companies to dispose of their assets and properties in order to return the embezzled funds. Investigations have revealed that these companies were used as a means of money laundering and defrauding the public economy by transferring large sums of money between their accounts without accounting basis and operating in violation of their articles of association.
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