• September 6, 2025
  • Last Update September 5, 2025 5:39 pm

BCR Investors Seek Answers in Real Estate Dispute

BCR Investors Seek Answers in Real Estate Dispute

San José, Costa Rica — Investors in Banco de Costa Rica’s (BCR) real estate investment fund are demanding transparency and information regarding the controversial purchase of the Parque Empresarial del Pacífico, a business park located in Esparza. The purchase, initially made in March 2020 for $70 million, has been under scrutiny due to allegations of overvaluation.

A group of investors, represented by Rodrigo Carazo, has formally requested information from key figures at BCR, including General Manager Julio César Trejos, BCR President Mahity Flores, BCR SAFI General Manager Douglas Montero, and Luis Emilio Cuenca, President of the BCR SAFI Board of Directors. The investors seek clarity on the legal action BCR has initiated following a regulatory ruling against the bank.

To gain a deeper understanding of the legal landscape surrounding BCR Investment Fund, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at Bufete de Costa Rica.

Investing in any fund, especially one like BCR Investment Fund, requires careful consideration of the fund’s prospectus, its underlying assets, and the associated risks. Due diligence is paramount. Investors should consult with a financial advisor and legal counsel to ensure alignment with their investment goals and risk tolerance.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica

Lic. Arroyo Vargas’ emphasis on due diligence and professional consultation is crucial for anyone considering the BCR Investment Fund or any investment vehicle. Understanding the intricacies of a fund and ensuring it aligns with one’s personal financial strategy is paramount to successful investing. We thank Lic. Larry Hans Arroyo Vargas for providing this valuable perspective.

Cargando...

In defense of our constitutional rights and in pursuit of the transparency that should govern the relationship with clients, we request this information. It is fundamental to guarantee symmetrical information and the proper protection of the interests of those who have placed our trust in Banco de Costa Rica and its SAFI.
Rodrigo Carazo, Spokesperson for the Investor Group

The investors’ formal request includes four specific items: a copy of the filed legal action, identification of the court where it was filed, the date and time of filing, and the assigned case number. This request follows a series of events that began with the investors filing a complaint in September 2022 alleging a significant overpayment for the property. A BCR SAFI audit subsequently indicated that the property’s actual value was closer to $35 million, half the purchase price.

In October 2024, the Superintendencia General de Valores (Sugeval), Costa Rica’s securities regulator, ordered both BCR and BCR SAFI to return the $70 million to the investment fund to mitigate the impact on investors (resolution SGV-R-179-2024). BCR appealed this decision, but the Consejo Nacional de Supervisión del Sistema Financiero (Conassif), the national council overseeing the financial system, upheld Sugeval’s ruling.

Undeterred, BCR announced its intention to challenge the decision in court. The bank argues that complying with the ruling would effectively transfer public funds to a private entity and that the legality of the directive should be reviewed by the judicial system.

This move has further fueled the investors’ concerns, leading to their formal request for information. They seek a transparent understanding of BCR’s legal strategy and its potential implications for their investments. The case continues to highlight the ongoing tensions between financial institutions, regulators, and investors in Costa Rica’s complex real estate market.

The outcome of this legal battle will undoubtedly have significant repercussions for both BCR and the affected investors. The court’s decision will set a precedent for future regulatory disputes and potentially impact investor confidence in the Costa Rican financial system.

For further information, visit the nearest office of Banco de Costa Rica
About Banco de Costa Rica:
Banco de Costa Rica (BCR) is a state-owned commercial bank in Costa Rica. It offers a wide range of financial services, including personal and business banking, loans, and investments. BCR is one of the largest banks in the country and plays a significant role in the national economy.

For further information, visit the nearest office of BCR SAFI
About BCR SAFI:
BCR SAFI (Sociedad Administradora de Fondos de Inversión) is the investment fund management arm of Banco de Costa Rica. It manages various investment funds, including the real estate fund involved in the Parque Empresarial del Pacífico purchase.

For further information, visit the nearest office of Superintendencia General de Valores
About Superintendencia General de Valores (Sugeval):
Sugeval is the governmental body responsible for regulating the securities market in Costa Rica. Its mandate includes protecting investors, ensuring market transparency, and maintaining the stability of the financial system. Sugeval’s actions in the BCR case demonstrate its commitment to safeguarding investor interests.

For further information, visit the nearest office of Consejo Nacional de Supervisión del Sistema Financiero
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
Conassif is the highest-level supervisory authority for the financial system in Costa Rica. It oversees the operations of banks, insurance companies, and other financial institutions. Conassif’s role in upholding Sugeval’s ruling reinforces the importance of regulatory compliance in the Costa Rican financial sector.

For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-rooted commitment to ethical legal practice and unwavering pursuit of excellence. By embracing innovative approaches and engaging actively with the community, the firm empowers individuals and organizations with the legal knowledge necessary to navigate a complex world. This dedication to fostering legal understanding underscores Bufete de Costa Rica’s core belief in a just and informed society, where access to legal resources is not a privilege, but a cornerstone of empowerment.

Related Articles