Report: The intervention of the Grup BPA

An objective and transparent documentary compilation with elements that allow analyze the ‘BPA case.

The Cierco Group publishes two thousand copies of a book that include thirty reports on the actions of the intervened banking group. They will be sent to public and private institutions and entities that have impact on public opinion.

ANDORRA LA VELLA, MARCH 7, 2016.- one year after the intervention of Private Banking of Andorra (BPA) – and also of Banco Madrid with which, among others, are part of  BPA Group  – there are still many unknowns to solve, including to know what will be the final solution.

It is necessary to be able to find out the real reasons that led FinCEN to issue the ‘Notice’ of March 10, 2015. It is in this context that the majority shareholders of BPA, the Cierco Group, have decided to edit a collection of documents that, at least in part, proves that BPA acted under strict compliance with the regulations. And if there is something separated from legality, the bank itself acts decisively and forcefully.

The Cierco Group has edited two thousand copies of the document, one thousand of them will be accompanied by a booklet with the translation into Spanish and English of the introductory text. It is not an exhaustive or definitive compilation. But given the opacity from the responsible institutions, for the management of the crisis, the majority shareholders of BPA make available to public opinion those documents that they have or have been able to get. It is well known that legal actions taken into  Justice, many of them tending to have access to certain information, have always been denied, very often with very weak and even unjustified legal arguments.

The volume includes about thirty documents, some of which are even known  by public opinion – such as the ‘Notice’ of March 10, 2015 or the recent note that remove the notice effect. Also included are the audits that always endorsed the BPA’s actions and reports that  BPA specifically request about some of its clients (Rafael Pallardó, Viktor Kanaykin) to reinforce the ordinary due diligence that the banks carry on and ensure – in this way , the legality of the capital that the entity was going to receive.

In an exercise of transparency and with the attempt to provide the necessary elements that show that in no way BPA was what some intend to show that it was, and  convinced that the bank applied the appropriate control measures even beyond the minimum required by law, the majority shareholders will send the documentary compilation to the main institutions of the country. From the Government to the General Council through the banking supervision agencies or other entities that influence in executive and legislative political decision and in public opinion. The documentation will also be sent to foreign persons and organizations that for various reasons may be related to the matter.

The Cierco family, with the same rigor and perseverance that has been working for decades, will now continue to work for the defense of their interests, maintaining and taking as many actions -especially legal- as it deems appropriate, also ensuring the restoration of their reputation and good name that some, supposedly, have wanted to harm in an unfair and unjustified way. By now, judicial affairs remain open in Andorra and the United States. Actions are studied in Spain and other jurisdictions where the rights of the family may be injured as a majority shareholder of BPA and the firm decision is taken to go to the European courts so that they are the ones that resolve the possible suffered violations.  Without forgetting that before a judicial litigation the door to the negotiated solution has always been left open. A way that remains on the table but has always been belittled by the Andorran administration.

Now that with the withdrawal of the ‘Notice’ by FinCEN  seems that the Andorran financial plaza is no longer under the scrutiny  of the American authorities,  it is appropriate, in the opinion of the majority shareholders of BPA, to go one step further, and  all the people and organizations immersed in the crisis do an exercise of transparency to clarify once and for all what really happened and what led FinCEN to issue the note of March 10 and how the entire crisis has been subsequently managed.

Only in this way can the repetition of a fact that has caused irreparable damage to a specific entity be avoided, but it is still necessary to see what real impact it has and will have overall of the financial square and the Andorran economy.

Deixa un comentari