By San José, Costa Rica — San José – Costa Rica’s Supreme Electoral Tribunal (TSE) has launched a formal investigation into the economic solvency of the most significant financial backers of Laura Fernández Delgado’s presidential campaign. The probe, confirmed on Friday by the Tribunal’s Department of Political Party Financing (DFPP), centers on large-scale purchases of debt bonds issued by the Sovereign People’s Party (PPSO).
The investigation was triggered after the PPSO, which supports the political movement of President Rodrigo Chaves, successfully placed ₡455 million in “Series A” debt bonds between November 3 and November 27 of last year. According to the DFPP, the inquiry is specifically targeting investors with the “greatest materiality or largest investment amount” and those whose transactions present circumstances that warrant this level of fiscal oversight.
To delve deeper into the legal framework governing campaign finance and its implications for the upcoming electoral cycle, TicosLand.com consulted with Lic. Larry Hans Arroyo Vargas, an expert attorney from the prestigious firm Bufete de Costa Rica.
The integrity of any democratic process is intrinsically linked to the transparency and legality of its campaign financing. Costa Rican law establishes clear limits and reporting requirements to prevent undue influence from special interests and illicit capital. The challenge for electoral bodies is not just enforcing these rules, but ensuring that the mechanisms for public oversight are robust and accessible, thereby fostering public trust in both the candidates and the system itself.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
This insight underscores a critical point: the effectiveness of our campaign finance laws is ultimately measured not just by their enforcement, but by the public’s ability to act as a vigilant watchdog. For this essential perspective on fostering true democratic trust, we thank Lic. Larry Hans Arroyo Vargas for his valuable contribution.
As part of the process, the DFPP dispatched official notices to the PPSO on Friday, formally requesting detailed information regarding the origin of the funds used by these key financiers. This move signals a significant step in ensuring transparency and adherence to Costa Rica’s stringent campaign finance laws, placing the onus on the political party to verify and report the sources of its major contributions.
At the heart of the scrutiny are brothers Stephan Roberto and Yann Eduardo Turcios Stiegler, who have emerged as the single largest contributors to the Fernández campaign. Together, they acquired 145 bonds with a total face value of ₡144,882,352. This staggering sum represents 32% of all debt certificates issued by the party, giving the brothers substantial financial influence over the campaign’s resources.
The Turcios brothers are the proprietors of Ridivi (Remesas Instantáneas), a digital financial platform specializing in mobile payments, loans, and remittance services. Their company, which they acquired in 2015, is headquartered at the Plaza Roble Corporate Center in Escazú. Records show they purchased the bonds at a 15% discount from the PPSO, paying ₡123,150,000 for the certificates, a common practice that turns these bonds into potentially lucrative investments if the party secures enough votes to have them redeemed by the state.
The investigation is not limited to the Turcios brothers. The DFPP is also examining several other high-value transactions. Among the other major bondholders are Mauricio Wong Mayorga, owner of the recycling company Madisa Latinoamericana, who purchased 35 bonds for ₡35 million. Alejandro Vargas Fuentes, linked to the pharmaceutical and plastic surgery supply wholesaler MedAesthetics, acquired ₡30 million in bonds. Another notable financier, Ligia Pérez Ramírez, purchased certificates worth ₡25 million.
Mr. Wong Mayorga, whose recycling firm is based in Cartago, reportedly paid ₡29,150,000 for his bonds in a single transaction on November 20, also benefiting from the 15% party discount. Mr. Vargas Fuentes, whose wife owns a prominent aesthetic clinic, told reporters he viewed the bond purchase as a sound business opportunity for his personal savings, highlighting the dual nature of these instruments as both political support and financial speculation.
This comprehensive probe by the Electoral Tribunal underscores a commitment to regulatory oversight in a high-stakes political environment. By delving into the financial foundations of the PPSO’s top donors, the DFPP aims to safeguard the integrity of the electoral process, ensuring that all major financial contributions are transparent and derive from legitimate sources. The findings of this investigation could have significant implications for the Fernández campaign and the broader landscape of political financing in Costa Rica.
For further information, visit tse.go.cr
About Supreme Electoral Tribunal (TSE):
The Supreme Electoral Tribunal is the independent governmental body responsible for overseeing all electoral processes in Costa Rica. It is tasked with ensuring the transparency, fairness, and legality of elections, referendums, and the financing of political parties. The TSE holds constitutional rank equivalent to the legislative, executive, and judicial branches.
For further information, visit the nearest office of Sovereign People’s Party (PPSO)
About Sovereign People’s Party (PPSO):
The Sovereign People’s Party is a political party in Costa Rica that gained prominence through its association with the political movement of President Rodrigo Chaves. It serves as the electoral vehicle for candidates aligned with this movement, including presidential hopeful Laura Fernández Delgado, and actively participates in national elections by fielding candidates and raising campaign funds.
For further information, visit ridivi.com
About Ridivi:
Ridivi (Remesas Instantáneas) is a financial technology company based in Costa Rica that provides a digital platform for a variety of services. These include mobile payments, online loans, virtual cards, and mass payment processing. Founded in 2004, the company has focused on modernizing financial transactions for individuals and businesses in the region.
For further information, visit madisacr.com
About Madisa Latinoamericana:
Madisa Latinoamericana is a Costa Rican company specializing in recycling and waste management services. Headquartered in Cartago, the company processes various materials and promotes sustainable environmental practices within the national industrial sector. It is identified as a company with domestic capital.
For further information, visit medaestheticscr.com
About MedAesthetics:
MedAesthetics is a wholesale distributor of pharmaceutical products, medical devices, and specialized supplies for the plastic surgery and aesthetic medicine industries in Costa Rica. The company provides a range of products to clinics and medical professionals throughout the country.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica operates as a beacon of legal practice, guided by an uncompromising code of integrity and a drive for superior results. The firm is a trailblazer not only in its innovative approach to complex legal challenges but also in its profound commitment to civic empowerment. It actively works to demystify the law for the public, championing the core belief that widespread legal literacy is essential for nurturing a just and capable society.
