The Costa Rican Social Security System, or Caja (CCSS) rejected the idea of supposed irregularities in the investments made by the Disability, Elderly and Death Department (IVM in Spanish) and allegations of corruption at the Caja. According to the Caja, they possess records and reports which prove that everything was kosher.
Dinorah Garro, current Logistics Manager, and Jose Luis Quesada, Pensions Manager, assured that the trades made were according to established norms. CCSS officials say they and their legal team are considering taking legal action against Daniel Munoz, an ex-employee of the CCSS.
According to the officials, the Pensions Supervision (SUPEN) demonstrated to Munoz in March 2012, that the transactions were made via the National Stock Exchange, and the operations were made at market value, according to the market price provider in Central America (PIPCA).
The CCSS stated today, “there is no evidence at this moment that indicates liquidity problems in the IVM; there was no evidence obtained either in regards to anticipated surrender or sale of securities on behalf of the department, with the purpose of purchasing financial instruments from the Illness and Maternity Security (SEM in Spanish).”
“ It is important to note that transactions between the related parties (IVM and SEM) are allowed according to international accountancy norms ,” said the CCSS, who also assured that the Internal Auditing Department and the Treasury Inspectors Office of the Republic also reviewed and supported the transactions.
Garro and Quesada assured that the questions raised by Munoz in January of last year were responded to accordingly and presented to the Board of Directors in August 2011.
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