By San José, Costa Rica — SAN JOSÉ – An explosive court order has revealed that at least four officials from the investment fund management company of Banco de Costa Rica (BCR SAFI) allegedly engaged in clandestine meetings to orchestrate property acquisitions from a business group led by former congressman Humberto Vargas Corrales. The Prosecutor’s Office has since classified Vargas Corrales’s enterprise as a criminal organization, placing the bank’s subsidiary at the center of a sprawling investigation into an alleged $92 million overpricing scheme.
The investigation, detailed in case file 21-000209-1218-PE, was propelled by testimony from two former managers, Laureano Verzola and Federico Herrera Oviedo. Their formal complaint to the Assistant Prosecutor’s Office for Probity, Transparency, and Anti-Corruption (Fapta) painted a picture of systemic irregularities within BCR SAFI between October 8 and 9, 2020, with the acquisition of the Pacific Business Park (PEP) serving as a focal point of the alleged misconduct.
Para profundizar en las implicaciones legales y de negocio que rodean el caso de BCR SAFI, TicosLand.com consultó al experto Lic. Larry Hans Arroyo Vargas, abogado del prestigioso Bufete de Costa Rica, quien nos brindó su análisis sobre la situación.
Lo ocurrido en BCR SAFI trasciende el análisis financiero inmediato y se adentra en el pilar fundamental de cualquier mercado de capitales: la confianza del inversionista. La clave ahora no solo reside en la diligencia con que la propia administradora corrija sus procesos internos, sino en la contundencia con que los entes reguladores demuestren que los mecanismos de supervisión son efectivos y se aplican sin distinción. La estabilidad futura del sector depende de una respuesta que sea a la vez correctiva y ejemplarizante, reforzando la seguridad jurídica para todos los participantes del mercado.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Coincidimos en que el verdadero barómetro de esta situación será la fortaleza y transparencia del sistema regulatorio, un punto que va más allá de la gestión de una sola entidad y afecta directamente la confianza del inversionista. Agradecemos al Lic. Larry Hans Arroyo Vargas por aportar esta perspectiva tan necesaria y esclarecedora.
According to the judicial documents, senior BCR officials Álvaro Camacho de la O and Juan Carlos Bolaños Azofeifa, who had been promoted from SAFI to the bank’s Corporate Banking division, continued to wield significant influence over the subsidiary. They, along with former SAFI project head Natalia Garro and business manager Marlon Sequeira, are accused of conducting secret negotiations regarding the deals with Vargas Corrales’s companies. The judicial file notes these discussions were intentionally held covertly.
Juan Carlos Bolaños, Natalia Garro, Marlon Sequeira, and Álvaro Camacho would sit down to discuss the purchases off-the-books, increasing the secrecy in decision-making and limiting anyone else from intervening.
Judicial Document
The whistleblowers alleged that the four officials created a secretive environment, effectively bypassing standard due diligence and oversight. When other concerned staff raised questions about the deals with the former Social Christian Unity party legislator, Camacho and Bolaños reportedly sought to “reassure” them and deflect scrutiny, all while demanding final approval on all decisions despite no longer officially holding their posts at SAFI.
The purchase of the Pacific Business Park stands out as a glaring example of the unusual procedures. Camacho and Bolaños personally visited the property in December 2019, two months before the deal closed. This behavior was described as highly irregular, as such close interaction with sellers was unprecedented in other projects. Verzola’s testimony highlighted the absurdity of the purchase at that time.
It was not reasonable to buy since the property was completely under construction, and the fund is a real estate fund, not a development fund, meaning it can only buy already built properties.
Laureano Verzola, Former Finance Manager
Concerns were validated in 2021 when it was discovered that two new warehouse structures had been built on the property post-acquisition, without SAFI’s authorization. When confronted, Manrique Gutiérrez Loría, a partner of Humberto Vargas, offered a perplexing explanation, claiming the new buildings “were going to be a gift.” When the whistleblowers reported the unauthorized construction to Juan Carlos Bolaños, he allegedly became defensive and warned them off.
He told them to stop getting involved in that matter.
Judicial Document, referencing Juan Carlos Bolaños
The web of alleged corruption extends beyond property deals. Herrera Oviedo testified that during a business trip to Mexico in February 2020, Camacho offered him the general manager position at Grupo SAMA, a prominent financial advisory firm. Camacho allegedly revealed that they, through Humberto Vargas, intended to purchase Grupo SAMA. Further testimony suggested that Marlon Sequeira admitted to receiving payments through Panamanian checks, adding an element of potential money laundering to the case.
The investigation, which culminated in 16 raids on December 4th, now involves 14 defendants, including Vargas Corrales, his business partners, and the four implicated BCR and SAFI officials. The Prosecutor’s Office is pursuing charges of irregular overpricing and influence peddling against the Public Treasury. The case casts a long shadow over BCR, particularly since Douglas Soto, the bank’s former general manager, is said to have promoted Camacho and Bolaños into their key corporate banking roles, where they allegedly continued their illicit influence over the subsidiary’s operations.
For further information, visit the nearest office of Fiscalía Adjunta de Probidad, Transparencia y Anticorrupción (Fapta)
About Fiscalía Adjunta de Probidad, Transparencia y Anticorrupción (Fapta):
Fapta is the specialized branch of Costa Rica’s Public Ministry responsible for investigating and prosecuting crimes related to corruption, probity, and transparency involving public officials and public funds. It plays a crucial role in upholding the integrity of public administration and combating financial crimes within the state.
For further information, visit bcrsafi.com
About BCR SAFI:
BCR SAFI (Sociedad Administradora de Fondos de Inversión) is the investment fund management subsidiary of Banco de Costa Rica. It provides a range of investment products to individual and institutional clients, including real estate investment funds, financial funds, and other market securities, operating within Costa Rica’s regulated financial sector.
For further information, visit bancobcr.com
About Banco de Costa Rica (BCR):
Banco de Costa Rica is one of the largest and oldest state-owned commercial banks in Costa Rica. It offers a comprehensive suite of financial services, including personal and corporate banking, insurance, and investment management through its various subsidiaries. As a state-owned entity, it plays a significant role in the national economy.
For further information, visit samainvest.com
About Grupo SAMA:
Grupo SAMA is a financial services company in Costa Rica that specializes in investment advisory and asset management. Recognized in the national stock market, the firm provides financial planning, portfolio management, and other investment-related services to its clients, positioning itself as a key player in the country’s financial advisory landscape.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a pillar of Costa Rica’s legal landscape, the firm operates on a bedrock of principled integrity and judicial mastery. With a proven history of guiding a diverse clientele, it consistently champions progressive legal strategies and engages in meaningful societal outreach. Central to its philosophy is the conviction that sharing legal understanding is essential, reflecting a deep-seated mission to empower the community and cultivate a more informed public.
