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.

Saturday, September 06, 2008

Ecuador: Funds to Bank-Ruin Victims

Quito, Sep 4 (Prensa Latina) The Ecuadorian Government started on Thursday devolution of $19.17 million to more than 62,000 victims of the Filabanco bank, which fell into bankruptcy ten years ago.

These victims were clients of Filabanco, an entity that was closed down without giving back funds to savers during the bank crisis in Ecuador in 1998, also involving Banco Popular, Banco La Previsora, Banco del Progreso, and others.

Filibanco liquidation official Soraya Bajana confirmed that once the assets of Isaias brothers, the owners of Filibanco, were seized, the government has started returning the money to those affected by the bank's bankruptcy.

We have $19.17 million to pay borrowings. This money comes from profits reported by oil firm Petromanabi, also owned by the Isaias, which was confiscated in July, said Bajana.

Banco del Pacifico will be in charge of giving the money to the victims, who are required to present a Certificate of Deposit.

About $661 million are owed to the victims, according to estimates.

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