WILLEMSTAD - Venezuelan banker Víctor Vargas Irausquín, owner of Grupo Cartera, is under pressure to prove that his group truly possesses the assets it claims in order to fulfill the obligations tied to the bankruptcy of Banco del Orinoco NV. The financial institution declared bankruptcy in 2019.
Curaçao judge Pieter de Kort has summoned the representatives of the defunct bank to provide accounting records that back their claims, as discussed during hearings attended by account holders and the bankruptcy trustee, Michael Gorsira.
This comes after Gorsira’s September report, which indicated that Vargas’s group had failed to comply with any of the commitments outlined in a memorandum of understanding signed in December 2023. The bank's representatives recently blamed political turmoil in Venezuela, citing the presidential elections in July 2024, as a reason for delaying progress on a revised agreement.
The court had set an October 11 deadline for Grupo Cartera to submit the necessary documentation. If the group fails to comply, they may not be granted additional time to formalize payment mechanisms for the bank’s account holders, who are collectively owed over $847 million.
Grupo Cartera is seeking an extension until March next year, a request met with outrage by the bank’s clients. Attorney Roberto Hung, representing over 70 affected parties, criticized the request, calling it irresponsible and disrespectful. “It’s an insult that five years after the bankruptcy, the representatives are asking for more time without demonstrating any assets or providing vital information about the portfolio,” Hung said.
Hung urged the court to demand sworn testimony from Grupo Cartera representatives about the composition of their investment portfolio. He also called for a review of the list of those affected by the bankruptcy, asserting that some individuals and companies on the list have close ties to Banco del Orinoco NV and even Vargas himself.
Additionally, Anauco, an association representing 500 depositors, revealed that the Curaçao court had commissioned Rafael Moscarella, the liquidator of AllBank in Panama, to verify the existence of bonds in Singapore that Grupo Cartera claims back Banco del Orinoco’s debts. Grupo Cartera claims these bonds are worth over $1.3 billion but have variable maturity dates, making them difficult to cash in all at once.
At the close of this edition, Gorsira confirmed that Grupo Cartera had submitted a document containing the requested evidence. The next step involves validating the authenticity and viability of the assets presented, which will be crucial in determining whether Grupo Cartera can meet its obligations.
This case continues to evolve as Grupo Cartera’s claims are being scrutinized by the court. Clients and authorities alike await further developments to determine the future of the bank’s outstanding debts.
Source: Cronicas del Caribe