Today's Stories: BAC San José Returns to Normal Air Traffic Controllers Strike Ends Pineapple Production Grows Olympic Soccer: Costa Rica vs Morocco, Today

Carlos Pellas a Nicaraguan businessman is the major partner in Grupo BAC, with bank operations in Nicaragua, Guatemala, El Salvador, Honduras and Panama, Grand Cayman, Bahamas, Miami and Costa Rica. BAC San José in Costa Rica, according to it's generel manager, Gerardo Corrales, has had the same partners for the last 20 years: Credomatic, Durman Esquivel, Automercado and the Kader, Gurdián and Gómez.G families.

The lines of customers waiting to withdraw their money had subsided and several of the branches visited showed no clue of the frenzy of the last two days.

The run on the bank began on Tuesday when a rumour spread like wildfire that the bank was going to be intervened by the General de Entidades Financieras (SUGEF), the banking regulating authority.

Nervous depositors, in less than 48 hours,  withdrew some $9.5 million dollars of the $500 million dollars on deposit at the bank, worried that their savings would disappear, mired in legal and financial entanglements.

According to bank officials, most of the withdrawls were from small depositors, worried that they would suffer the same fate as the deposits of Banco Elca and Bantec, two smaller banks that were interevened by SUGEF in the past year.

In the case of Banco Elca, it's president and two other executives sit in jail on preventive detention for 90 days while they are being investigated for fraud and falsifying information.

BAC San José is one of the three largest private banks in Costa Rica and forms part of a large financial network in Central America with banks in Nicaragua, Guatemala, El Salvador, Honduras and Panama and banks in the Grand Cayman, Bahamas and Miami.

Several BAC San José depositors we spoke to said that they were surprised at the news, "this is not one of the small banks".

One customer in particular that we interviewed, who preferred to remain unanimous, said he did not close his account, he simply withdrew most of his money, leaving only a few hundred dollars. He was not sure if he would put all his money in only one bank, preferring to open accounts at several different banks, just in case.

In the midst of all the fury, BAC San José made it clear that it would honour all requests for withdrawls, placing no limit on the amount that could be withdrawn and took initiative to advise all customers that the bank was solid.

Bank officials were quick to point out that they did not have to resort to external means, like using external lines of credit or discounts at the Central Bank to meet the demands of customer withdrawing their funds.

Lines of BAC San José armoured trucks lined the Central Street at the downtown offices of the bank, waiting to deliver cash from the Central Bank vaults to waiting customers.

Gerardo Corrales, general manager of BAC San José, said the scare had passed and that by early afternoon yesterday they were receiving deposits again by customers. According to Corrales, slowly confidence in the bank was being reestablished.

According to Corrales, rumours that the bank was in trouble began late Monday at the La Aurora de Heredia branch. The rumours were tied to health professionals who had expressed concern that the bank would be intervened.

Yesterday, Francisco de Paula Gutiérrez, president of the Central Bank reassured customers and the public in general that there is no need to worry. "BAC San José is solvent and well managed", said Gutiérrez in a statement to the press.

Revenue Minister, Alberto Dent, added his reassurances saying that "when a business is in financial trouble the first thing is to close it's doors. However, BAC San José has it's doors open."

Customers Assaulted
Amidst the panic by customers, there were those who saw it as an opportunity to score big.

The OIJ received five separate complaints of assaults of clients leaving the bank with their money.

At the Rohmoser branch, a 64 year old customer was followed by two cars and motorcycle and was assaulted several blocks from his home, being shot at by the assailants, with several bullets impacting his legs and arm.

The customer was happy to have left the bank with his money, however, wound up a the Hospital Mexico' s emergency room. Miraculously  the man was not killed. The assailants got away with the $10.000 in cash the man had just withdrawn from the bank. Police report that up to eight gunshots were fired in the assault

Police officers were posted in front of the branch, heavily armed to ward off any further attacks.

In Moravia, police were quick to arrest a "Tico" and a "Colombian" who they suspected were preying on customers, waiting for an opportunity.

Police say that they spotted a firearm on one of the two men on a motorcycle and along with OIJ officials and members of the bank's private security team, subdued the men.

Air Traffic Controllers Strike Ends
Following more 47 days of being on strike, air traffic controllers and the government finally came to an agreement.

Late last night, both parties agreed that the government will pay the air traffic controllers ¢366 million colones in back salaries and that their air traffic controller's salaries would be increased between ¢57.000 and ¢75.000 monthly.

The government also agreed not to fire any of the striking air traffic controllers if they returned to work within the next 24 hours.

The 125 striking air traffic controllers were replaced during the strike by foreign traffic controllers and Tico pilots, who the government had brought in to keep air traffic in Costa Rica moving.

Pineapple Production Grows
The bonanza of the Costa Rican pineapple-growing sector seems not to be bothered even by extensive plantations in other countries and by a few months of saturation of the market.

According to sector representatives, the increasing production will result in the exporting of some 70 million 12-kilo (over 26 pounds) boxes in the year 2007. Sales abroad last year reached 40 million boxes, and the figure for this year is estimated at 55 million units.

Olympic Soccer: Costa Rica vs Morocco, Today
Costa Rica, the leading CONCACAF team will face one of the top African countries, Morocco, on Today, 17:30 GMT in Group D of the Olympic Soccer tournament.

Costa Rica is appearing in their third Olympic Games, their first one since 1984. Their coach Rodrigo Kenton says the team is ready for action. "We are among the best 16 teams in the world in our category," he said.

None of the Moroccan players who play in the European leagues will feature in their team, as they are using it for developmental purposes.

The next game for Costa Rica on the Olympic schedule is on Sunday against Iraq and on the 18th against Portugal.