The people of Ecuador are rising up to refound their country as a pluri-national homeland for all. This inspiring movement, with Ecuador's indigenous peoples at its heart, is part of the revolution spreading across the Americas, laying the groundwork for a new, fairer, world. Ecuador Rising aims to bring news and analysis of events unfolding in Ecuador to english speakers.

Friday, July 11, 2008

Ecuador Confiscates Debtor Assets

Quito, Jul 9 (Prensa Latina) Ecuadorian journalist guilds, indigenous movements, politicians and academics supported the government's decision to confiscate assets of the Isaias group.

The National Federation of Journalists of Ecuador (FENAPE) and the Journalists Guild of Pichincha (CPP) said the confiscation of 195 properties of the Isaias brothers, three TV channels included, has to do with debts collected from corrupt banks.

The note, signed by journalists Maria Eugenia Garces, Vice President of FENAPE and Rene Espin, leader of CPP, states their support of the government for the recovery of funds to pay brothers William and Roberto Isaias' remaining debts with their creditors after the 1999 Filanbanco bankrupcy.

The document claims this case is a strictly financial, business and legal issue which has nothing to do with "freedom of speech," as some have said. It is simply the collection of a debt of over 8 billion dollars to Ecuador.

Humberto Cholango, president of the Confederation of Kichwa Origin Peoples of Ecuador (ECUARUNARI) also supported the measure and stated that investors ended up paying the consequences of that massive embezzlement and were left with no money to pay for health care and food for themselves and their relatives.

The Popular Democratic Movement (MPD) welcomed the decision as well, and so did the community of university students.

1 comment:

  1. Anonymous1:56 pm

    When these institutes were to select for this course of action, all local asset of these institutions should be conflict.