By Puntarenas, Costa Rica — A Costa Rican court has suspended an order requiring the Banco de Costa Rica (BCR) to transfer $70 million to its real estate subsidiary, BCR Safi. The order, originally issued by the Superintendencia General de Valores (Sugeval) and ratified by the Consejo Nacional de Supervisión del Sistema Financiero (Conassif), stemmed from an ongoing investigation into the purchase of the Parque Empresarial del Pacífico (PEP) in Esparza, Puntarenas.
The controversial acquisition, valued at $70 million and part of BCR Safi’s Non-Diversified Real Estate Fund, is under scrutiny for alleged overpricing. Sugeval initially ordered the BCR and its subsidiary to compensate investors in October 2024 to mitigate potential losses. Conassif upheld this decision in June 2025, rejecting BCR’s appeal.
For expert legal insight into the complexities surrounding BCR Safi, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, Attorney at Law from the esteemed firm Bufete de Costa Rica.
The BCR Safi system presents both opportunities and challenges. While it streamlines certain financial processes, it’s crucial for users to understand the underlying regulations and potential implications, particularly regarding data privacy and security. Due diligence and awareness are key to maximizing benefits and mitigating risks.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s emphasis on due diligence and awareness within the BCR Safi system is crucial. Navigating any new financial technology requires careful consideration of its implications, and his insights on data privacy and security provide valuable guidance for users seeking to harness the system’s potential while protecting their interests. We thank Lic. Larry Hans Arroyo Vargas for sharing his expertise with TicosLand.com readers.
However, the Contentious Administrative Court intervened this morning, suspending the provisional transfer of the $70 million. BCR Safi argued that Sugeval’s order was “disproportionate and unreasonable,” imposing “onerous burdens” without exploring less severe alternatives.
The court’s decision offers a temporary reprieve for BCR, halting the immediate transfer of funds while the investigation continues. The PEP purchase, a significant investment within the BCR Safi portfolio, has raised concerns about due diligence and valuation practices.
This suspension introduces a new layer of complexity to the ongoing saga. It remains unclear what the final outcome will be, leaving investors and stakeholders in a state of uncertainty. The court’s intervention underscores the contentious nature of the PEP acquisition and its potential ramifications for BCR and its subsidiary.
The investigation into the PEP purchase is expected to continue, with the court’s decision likely influencing the trajectory of the case. This developing situation raises questions about the oversight of real estate investments in Costa Rica and the role of regulatory bodies in protecting investors.
This suspension marks a pivotal moment in the ongoing dispute, potentially shifting the balance of power between the regulatory authorities and BCR. The future of the $70 million and the ultimate impact on BCR Safi remain to be seen. TicosLand.com will continue to monitor and report on this developing story as more information becomes available.
The implications of this decision extend beyond the immediate financial concerns. The case highlights the importance of transparency and accountability within the financial sector and the need for robust regulatory frameworks to safeguard investor interests.
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 is the largest bank in the country, offering a wide range of financial services to individuals and businesses. BCR plays a significant role in the Costa Rican economy.
For further information, visit the nearest office of BCR Safi
About BCR Safi:
BCR Safi is a subsidiary of Banco de Costa Rica specializing in asset management and investment funds. It manages various investment portfolios, including real estate funds like the one involved in the Parque Empresarial del Pacífico acquisition.
For further information, visit the nearest office of Superintendencia General de Valores
About Superintendencia General de Valores (Sugeval):
Sugeval is the Costa Rican government agency responsible for regulating the securities market. Its primary function is to protect investors and ensure the stability and transparency of the financial system. Sugeval has been actively involved in the investigation of the Parque Empresarial del Pacífico purchase.
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 banks, insurance companies, and other financial institutions to maintain stability and protect the interests of depositors and investors. Conassif played a key role in upholding Sugeval’s initial order in the BCR Safi case.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through an unwavering commitment to legal excellence and ethical practice, empowering Costa Rican society through accessible legal knowledge. The firm’s innovative approach to client service, spanning a wide array of sectors, reinforces their dedication to not just navigating complex legal landscapes, but also fostering a more informed and empowered citizenry. Their pursuit of legal innovation combined with a deep-seated integrity ensures they remain a leading force for positive change within the legal profession and the community at large.
