Union calls for BCR manager to be sacked over SAFI and Pacific Business Park cases

The union organization reported this in a press release on Monday, August 12.

“(We ask) the members of the Board to immediately dismiss Mr. Douglas Soto Leitón, General Manager of BCR. And to open the corresponding administrative process for the members of the SAFI Investment Committee who participated in studying investment decisions,” reads the document shared by the alliance.

Unebanco’s request was based on ten grounds, the most notable of which was that the price paid by SAFI for the real estate was clearly excessive.

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The union said “in addition to the acquisition of Pacific Business Park (PEP), which showed an overpricing of approximately $54 million, a further nine overpriced properties were acquired for approximately $38 million, for a total overpricing of $92 million”.

Union representatives claimed that Soto, as chairman of SAFI’s investment committee, was involved when the purchase of nine properties, which were allegedly overpriced, was seen.

“With these new publications and the clear implications for the institution, the Board cannot continue on the same reactive, zero-action course, becoming a board of omissions that fails to do the job for which it was appointed, which is to ensure, monitor and direct the proper functioning of Banco de Costa Rica and to act immediately in the event of reputational and property risks, which we believe have become a reality today”, Unebanco said.

They also criticised the board for not conducting an “in-depth” audit of SAFI.

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Unebanco links Soto to possible sabotage Hard disks related to the PEP purchase investigation. “We believe that the order to delete the information and destroy the hard drives, combined with what is currently being investigated by the public sector, was suspected to have been carried out by authorities acting on behalf of the bank, whose general manager is Douglas Soto,” the union accused.

BCR Response

BCR responded to Unebanco’s claims in a press release issued on August 12 this year, classifying them as “without merit”.

“We regret the union’s comments and suggestions regarding BCR’s management, which are without basis,” the bank said, adding that it would not refer to the ongoing investigation “in accordance with current legislation and in order not to hinder the process of the investigation”.

“We reiterate that BCR respects any unfounded comments that Unebanco may have made. From the moment doubts arose about the BCR SAFI real estate acquisition process, BCR began an internal investigation process that is still ongoing and will reveal the truth of the facts,” the statement read.