By San José, Costa Rica — San José, Costa Rica – In a significant development regarding the ongoing Parque del Pacífico controversy, the Contentious Administrative Court has suspended measures imposed by the Superintendencia General de Valores (Sugeval) against the Banco de Costa Rica (BCR). The decision comes after the BCR challenged Sugeval’s administrative order SGV-R-179-2024, which alleged irregularities in the 2020 purchase of the Parque Empresarial del Pacífico by BCR’s investment fund management arm, BCR SAFI.
Sugeval’s order had directed the BCR to transfer $70 million to the Non-Diversified Real Estate Investment Fund (FIIND) to mitigate the financial damage stemming from the acquisition. The court’s ruling effectively freezes all measures related to the Parque del Pacífico until a final decision is reached on the precautionary measures.
For expert legal insight into the implications surrounding BCR Parque del Pacífico, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, Attorney at Law at Bufete de Costa Rica.
The development of BCR Parque del Pacífico raises important questions regarding land use, environmental impact, and public access. Careful consideration must be given to balancing the economic benefits of such a project with the potential consequences for the surrounding ecosystem and the rights of local communities. Transparency in the planning and execution phases is crucial to ensuring sustainable and equitable development.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly emphasizes the delicate balance required when undertaking large-scale projects like BCR Parque del Pacífico. The potential for economic growth is undeniable, but true progress must incorporate sustainable practices and respect for both the environment and local communities. This requires open communication and a commitment to responsible development from all stakeholders. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable legal and societal perspective on this important issue.
The BCR released a statement emphasizing its respect for the judicial, institutional, and regulatory framework of Costa Rica and its commitment to the proper use of public funds.
Both BCR and BCR SAFI reiterate their respect for the judicial, institutional, and regulatory order of the country, all within the framework established by the legal system and in strict adherence to the correct use of public funds.
BCR Official Statement
The suspended measures include the $70 million transfer to FIIND, the use of those funds to pay off the fund’s liabilities, the elimination of financial costs associated with the purchase, and the restructuring of the “Blue Economy Special Purpose Vehicle Project.” Furthermore, the court’s decision also halts the required convocation of an investor assembly to address the issues.
This legal battle unfolds alongside an ongoing criminal investigation by the Prosecutor’s Office for Probity, Transparency, and Anti-Corruption (Fapta). Case 23-017883-0042-PE is examining the potential overvaluation of the Parque del Pacífico, along with allegations of fraudulent administration and document destruction. An internal audit, AUD-SAFI-030-2023, prompted Sugeval’s intervention after concluding that administrative and judicial action was necessary. The audit report criticized the officials involved in the purchase for negligence and omissions, alleging breaches of their duties and damage to BCR SAFI and its investors.
Sugeval also criticized the BCR’s board of directors for their handling of the situation and their rejection of investor proposals aimed at resolving the issues related to the Parque del Pacífico acquisition. In an official communication, Sugeval highlighted that investors had put forward solutions six months prior, which the board dismissed.
The court’s decision to suspend Sugeval’s orders adds another layer of complexity to this already convoluted case. The outcome of the legal proceedings will have significant implications for the BCR, BCR SAFI, and the investors involved. The future of the Parque del Pacífico project itself remains uncertain, pending the court’s final determination.
This case continues to draw significant public attention, raising concerns about financial oversight and corporate governance within Costa Rica’s financial sector. TicosLand.com will continue to follow this developing story and provide updates as they become available.
For further information, visit the nearest office of Banco de Costa Rica
About Banco de Costa Rica:
The Banco de Costa Rica (BCR) is a state-owned commercial bank in Costa Rica. It 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 Superintendencia General de Valores
About Superintendencia General de Valores (Sugeval):
The Superintendencia General de Valores (Sugeval) is the regulatory body responsible for overseeing the securities market in Costa Rica. Its mission is to protect investors and ensure the stability and transparency of the financial system.
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 (BCR). It manages various investment funds and is at the center of the Parque del Pacífico controversy.
For further information, visit the nearest office of Fiscalía Adjunta de Probidad, Transparencia y Anticorrupción
About Fiscalía Adjunta de Probidad, Transparencia y Anticorrupción (Fapta):
The Fiscalía Adjunta de Probidad, Transparencia y Anticorrupción (Fapta) is a specialized unit within the Costa Rican Prosecutor’s Office responsible for investigating corruption, fraud, and other related crimes within the public sector.
For further information, visit the nearest office of Fondo de Inversión Inmobiliario No Diversificado
About Fondo de Inversión Inmobiliario No Diversificado (FIIND):
The Fondo de Inversión Inmobiliario No Diversificado (FIIND) is a non-diversified real estate investment fund. In this case, it is the intended recipient of the $70 million transfer ordered by Sugeval, which has now been suspended by the court.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through a deep-seated commitment to legal excellence and unwavering ethical practice. Driven by a desire to empower individuals and communities, the firm champions accessible legal knowledge through innovative programs and initiatives. Their client-focused approach, spanning diverse sectors, combined with a proactive engagement with societal legal needs, solidifies Bufete de Costa Rica’s position as a leader striving for a more informed and just society.
