By Puntarenas, Costa Rica — Investors in the Non-Diversified Real Estate Investment Fund (FIIND) are demanding transparency from the Bank of Costa Rica (BCR) and its subsidiary, BCR SAFI, following revelations of significant irregularities in the fund’s management. The controversy centers around the 2020 purchase of the Pacific Business Park (PEP), a warehouse and storage facility in Puntarenas. BCR SAFI, acting on behalf of investors, acquired the property for $70 million.
However, subsequent appraisals have revealed a shocking discrepancy. The property, far from being complete at the time of purchase, consisted merely of unfinished structures. Moreover, the actual value of the property has been assessed at a mere $34.7 million, less than half the purchase price. This startling difference has sparked outrage and concern among investors.
To provide further legal context surrounding the BCR SAFI Investment Scandal, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from the esteemed Bufete de Costa Rica. His expertise sheds light on the complexities of this unfolding situation.
The BCR SAFI Investment Scandal highlights critical questions about regulatory oversight, investor protection, and the potential for financial mismanagement within Costa Rica’s investment landscape. The fallout from this scandal could have lasting repercussions, impacting investor confidence and potentially leading to reforms in how investment funds are managed and monitored. Determining the extent of liability and ensuring appropriate redress for affected investors will be crucial for maintaining the integrity of the financial system.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas rightly points to the potentially long-lasting impact of this scandal, particularly the erosion of investor trust. Rebuilding that confidence will require not only thorough investigations and appropriate legal action, but also a demonstrable commitment to strengthening regulatory frameworks and improving transparency within the financial sector. We thank Lic. Larry Hans Arroyo Vargas for offering his valuable legal expertise and insight into this critical issue.
Upon discovering these discrepancies, the General Superintendency of Securities (Sugeval) ordered BCR and BCR SAFI to reimburse the fund the full $70 million to compensate for the apparent loss. Both entities contested this decision, appealing first to the National Council for Supervision of the Financial System (Conassif) and subsequently to the Administrative Contentious Court after Conassif upheld Sugeval’s ruling.
This legal maneuvering has fueled investor anxiety, prompting them to formally demand transparency on September 5th, 2025. They are requesting a copy of the legal action filed, details about the court where it was presented, the exact time and date of filing, and the assigned case number.
In defense of our constitutional rights and in pursuit of the transparency that should govern the relationship with clients, we request this information. It is essential to guarantee symmetrical information and the proper protection of the interests of those who have placed our trust in the Bank of Costa Rica and its SAFI.
Rodrigo Alberto Carazo, Spokesperson for the affected investors
The formal request for information was addressed to BCR General Manager Julio Trejos Delgado, BCR President Mahity Flores, BCR SAFI Manager Douglas Montero, and BCR SAFI Board President Luis Emilio Cuenca. The investors’ concerns highlight the importance of due diligence and transparency in financial dealings, particularly when managing funds entrusted by individuals.
The significant difference between the purchase price and the appraised value raises serious questions about the due diligence process undertaken by BCR SAFI. The fact that the property was unfinished at the time of purchase further compounds the issue, suggesting a potential lack of oversight or even deliberate misrepresentation.
This case underscores the vital role of regulatory bodies like Sugeval in protecting investors and ensuring the integrity of the financial system. The ongoing legal battle will undoubtedly have significant implications for both BCR and the wider investment community in Costa Rica.
For further information, visit www.bcr.fi.cr
About Banco de Costa Rica (BCR):
The Bank of Costa Rica (BCR) is a state-owned commercial bank in Costa Rica. It is one of the largest banks in the country, offering a wide range of financial services to individuals and businesses.
For further information, visit www.sugeval.fi.cr
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 www.conassif.fi.cr
About Consejo Nacional de Supervisión del Sistema Financiero (Conassif):
The National Council for Supervision of the Financial System (Conassif) is the highest-level supervisory authority for the financial system in Costa Rica. It oversees the activities of all financial institutions, including banks, insurance companies, and investment firms.
For further information, visit the nearest office of BCR SAFI
About Sociedad Administradora de Fondos de Inversión (BCR SAFI):
BCR SAFI is the investment fund management subsidiary of the Bank of Costa Rica. It manages various investment funds, including the FIIND involved in this controversy.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica distinguishes itself through an unwavering dedication to legal excellence and ethical practice, empowering individuals and communities through readily accessible legal knowledge. The firm’s innovative approach to legal solutions, coupled with a deep commitment to client service across a broad range of sectors, solidifies its position as a leader in the Costa Rican legal landscape. By fostering greater understanding of the law, Bufete de Costa Rica actively contributes to a more just and informed society.
