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Santo Domingo.- Dominican Republic’s Industries Association  (AIRD) on Thursday joined the mounting group of national sectors to voice concern over control of the US$5.8 billion pension fund, and asked Congress to designate "independent people related to the export sector" to manage the Dominican Export Bank (BANDEX), a new State-owned financial entity.

The business group was referring to the two top officials of the National Housing Bank (BNV), Federico (Quiqui) Antún, president of the minority PRSC party, and Eduardo Selman, a senior member of the ruling PLD party, both involved in past scandals and not known for their links to the export sector. 

AIRD president Ligia Bonetti also asked lawmakers to approve the bill that creates the BANDEX, "because it has been a request from the export sector for years,”

The business leader however cautioned against the mandatory provision of depositing 10% of the pension fund into the fledgling bank. "The AIRD doesn’t agree with the mandatory deposit of the pension fund in the BANDEX.  The pension fund must be preserved and managed according to profitability that the market offers.”

The BANDEX should be managed "with technical criteria distanced from politicalinfluences" and required oversight from public and private sector, Bonetti said. "We ask that the initiative be partially amended and approved without delay."

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COMMENTS
12 comment(s)
Written by: josean, 6 Jun 2014 8:20 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016



..........So they agree with josean!




Written by: anbro2007, 6 Jun 2014 10:41 AM
From: United States
Josean, they can agree with you, which is good, BUT the other side made up they mind already and the money will be transferred, and no one will do anything about it. Crooks are crooks, and they want that money, and they will get it. All of them work together and steal together.
Written by: josean, 6 Jun 2014 10:45 AM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016



...agreed!!!!!!


Written by: Brien, 6 Jun 2014 11:34 AM
From: United States
This is sooo painful to watch! The pension fund has become carrion for these vultures above. and why does it seem the cheats just leave one agency to go to the next? how are they able to do this with such impunity? Srsly, what's with that????
Written by: laman00, 6 Jun 2014 11:50 AM
From: United States, Los Angeles CA
Alibaba and fourty thieves at its best ,for those of you who are familiar with that book
Written by: generoso, 6 Jun 2014 12:15 PM
From: Dominican Republic, ****Raise your words, not your voice. Rain grows food, not thunder.****
Name a former banker, or international export promotion specialist to run Bandex, is the only solution.
To appoint politicians will be self defeating, and will be like naming a wolf to guard the hen house.
Furthermore establish clear rules, as well as a board of loan directors, to go over the disbursement process.
Have a transparent set of rules and regulations, and run surprise audits run by private independent auditors, like Price Waterhouse.
The huge loss at state banks where caused by blatant fraud, and guaranteeing loans, with falsified or overvalued assets. This could be easily prevented.
Written by: JHCL2016, 6 Jun 2014 12:20 PM
From: Dominican Republic, EN PUNTA CANA: Jose H Con Leonel 2016!

They take home $5,000,000,000.00 pesos anually for "managing" the Pension Funds; no easy to let some of that goes some place else.

*;*
Written by: josean, 6 Jun 2014 12:28 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016

Let's Play the Dominican version of Jepoardy Ms.Vickey!

Under the Category Banks and Crooks

For 500

Name

"and guaranteeing loans, with falsified or undervalued assets"


Who are Lie-one Fernandez, Arturo Del Tiempo Marquez and Miguel Vargas Maldonado!


Written by: generoso, 6 Jun 2014 1:16 PM
From: Dominican Republic, ****Raise your words, not your voice. Rain grows food, not thunder.****
josean

Overvalued assets, my bad. Means that they obtained the loans, without following the "prudent banking loan rules", and authorizing assignments of real estate, that was overvalued fraudulently.
In a few words you have land that is worth one thousand dollars, and they approved a loan for two thousand dollars or more. Instead of approving a loan for $300 dollars, strictly based on inflated value, and not other factors that determine credit worthiness.
Written by: GringoRandy, 6 Jun 2014 1:40 PM
From: Dominican Republic, Santiago
from generoso: "Name a former banker, or international export promotion specialist to run Bandex, is the only solution... Furthermore establish clear rules, as well as a board of loan directors, to go over the disbursement process.
Have a transparent set of rules and regulations, and run surprise audits run by private independent auditors, like Price Waterhouse."

Exactly! And make it the law. It is so highly unlikely to happen, but if these types of ideas were implemented, they could provide a model for increased transparency and lead to reduced corruption throughout the political-business-social society.
Written by: Ricardolito, 6 Jun 2014 3:24 PM
From: Dominican Republic, Zona Colonial
I really do not think it is a case of agreeing with Josean..Everyone has the strongest concerns about this move .and I would like to just say NO to the entire idea..I have no confidence in bankers ,lawyers or accountants in this country ...How easy it is to grow cynical about everything in this country ..!!
Written by: josean, 6 Jun 2014 4:01 PM
From: United States, Fighting the Dictatorship of the Narco PLD Mafia; Guillermo Moreno President 2016

Fascinating article a must read!


Google:


Torres-Saillant ve ideología de Trujillo y Balaguer gobiernan el pensamiento oficial


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Torres-Saillant sees Trujillo's and Balaguer's ideology governing official thinking


Vincho Castillo would be the foreign minister in a dictatorial government of Leonel Fernández

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