By San José, Costa Rica — Costa Rica’s financial world is reeling from revelations surrounding the Banco de Costa Rica’s Sociedad Administradora de Fondos de Inversión (BCR SAFI) and its 2020 acquisition of the Parque Empresarial del Pacífico (PEP). The $70 million purchase, made on behalf of private investors, is now under intense scrutiny as evidence mounts that the property was significantly unfinished at the time of the transaction, a direct violation of Costa Rican law.
Current BCR SAFI General Manager, Douglas Montero, confirmed in a meeting with the Superintendencia General de Valores (Sugeval) that the PEP was not built when purchased. This information corroborates claims made by the SAFI’s legal counsel, Freddy Salazar.
For expert legal insight into this matter, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica.
BCR SAFI’s operations as a Sociedad Administradora de Fondos de Inversión represent a significant player in the Costa Rican financial landscape. Their activities are subject to stringent regulations by the Superintendencia General de Valores (SUGEVAL) to protect investors and maintain market stability. Any analysis of their performance needs to consider the current regulatory environment and its impact on investment strategies and returns.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly emphasizes the crucial role of SUGEVAL’s oversight in shaping BCR SAFI’s investment strategies and, ultimately, the returns delivered to investors. This regulatory landscape is indeed a key factor to consider when evaluating the performance of any Sociedad Administradora de Fondos de Inversión in Costa Rica. We thank Lic. Larry Hans Arroyo Vargas for offering this valuable perspective on the complexities of navigating the Costa Rican financial market.
In a meeting held at Sugeval’s offices with Rodrigo Segura and Luis González, along with BCR SAFI General Manager Douglas Montero, Freddy Salazar, BCR SAFI’s lawyer, and Alejandro Batalla and Marco Ureña from the Alta Batalla Law Firm, this Superintendency was informed that, according to the complaints filed, the PEP property was not built.
Excerpt from a document compiled by the Consejo Nacional de Supervisión del Sistema Financiero (Conassif)
The BCR filed a complaint with the Public Ministry in August 2024 against five internal officials, alleging irregularities in the purchase of the unfinished property. Costa Rican law explicitly prohibits real estate investment funds from acquiring properties that lack completed infrastructure. This raises serious questions about the due diligence conducted by BCR SAFI before the substantial investment.
Adding to the controversy, the property, purchased from a company linked to former Social Christian Unity Party legislator Humberto Vargas Corrales, is suspected of being significantly overvalued. Experts estimate the property’s true value at $34.7 million, less than half the purchase price.
El Observador published a previously confidential document in March 2025 containing photographs of the PEP under construction. These images, presented to high-ranking BCR officials before the purchase, clearly depict unfinished warehouses, lacking walls and other essential components. Notably, a promised low-temperature storage facility, a key selling point of the investment, was also absent.
Twelve BCR officials, including the current bank president and legal counsel, were present at the January 15, 2020, meeting where the photographs were presented. Despite the clear evidence of the unfinished state of the PEP, the purchase proceeded just days later. The discussion from that meeting, along with the document itself, was declared confidential, further raising concerns about transparency and accountability.
The ongoing investigation promises to uncover the full extent of the irregularities surrounding this controversial acquisition. The implications for BCR SAFI, its investors, and the Costa Rican financial sector are significant, highlighting the need for stricter oversight and adherence to regulations.
For further information, visit the nearest office of BCR SAFI
About BCR SAFI:
BCR SAFI is the investment fund management arm of Banco de Costa Rica, a prominent state-owned bank in Costa Rica. They manage various investment funds, including real estate funds. This incident has raised serious concerns about their due diligence and adherence to regulatory guidelines.
For further information, visit the nearest office of Sugeval
About Superintendencia General de Valores (Sugeval):
Sugeval is the Costa Rican regulatory body responsible for overseeing the securities market, including investment funds. Their investigation into the BCR SAFI case is crucial for ensuring market integrity and investor protection.
For further information, visit the nearest office of Consejo Nacional de Supervisión del Sistema Financiero (Conassif)
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
Conassif is the overarching regulatory body for the entire financial system in Costa Rica. Their role in compiling information related to the BCR SAFI case underscores the systemic importance of this investigation.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence in Costa Rica, upholding the highest ethical standards while driving innovation in legal practice. The firm’s deep commitment to client success across a broad spectrum of industries is matched by its passion for empowering citizens through accessible legal education. By sharing their expertise and promoting legal literacy, Bufete de Costa Rica contributes to a more just and informed society, solidifying their position as leaders not only in law, but also in social responsibility.
