Banco Banex Being Investigated
The Juzgado Penal de Hacienda de San José lifted the "Secreto Bancario" - banking secrecy - on accounts held by Banco Banex and Oscar Rodríguez, who was manager of the bank until seven years ago when he took over as Superindente de Entidades Financieras  (SUGEF) - the country's banking regulator.

The press office of he Corte Suprema de Justicia (Supreme Court) and the Juzgado Penal de Hacienda del Segundo Circuito Judicial make notification of the decision. The decision is based on a complaint made by lawyer José Eduardo Vargas against Rodríguez.

Vargas says that Oscar Rodríguez appears to have continued to be the "apoderado generalísimo" - one who hase complete authority over a corporation - of the Corporación Banex while he assumed the post of superintendent. The law clearly prohibits a regulator of banks or financial institutions to be part of one.

With the order lifting banking secrecy, the Organismo de Investigación Judicial (OIJ) now has the right to review and analyze bank accounts held at Banex and specifically those of Rodríguez. In addition, the bank has to provide all the information related to the case or face confiscation of documents and of accounts.

The Vargas complaint is based on a recent law known as "enriquecimiento ilícito, nombramiento ilegal, uso de información privilegiada y autorización de actos indebidos" which makes it a crime for any public official accepting bribes, illegal naming to a public post, using privileged information or authorizing improper acts.

Superintendant Rodríguez said that Banco Banex had requested a revocation of the "apoderado generalisimo" before he took over at the SUGEF), however, due to an error the paperwork was never presented.

Banex now has 30 days to hand over documents and information.

Banex was founded in 1981 as the Banco Agro Industrial de Exportaciones, S.A. by a group comprised of Cámara de Industrias, la Compañía Costarricense del Café (CAFESA) and Von Breymann, Torres y Asociados, S.A. for the main purpose of serving those in the agriculture and industrial sectors with emphasis on production and exporting of non-traditional products to other markets.

Over the years, the group bought out or merged with other smaller banks like the Corporación Continental ABC, S. A in 1997, Banco del Istmo Panamá in 1999 and Corporación Metropolitana in 2001.

Today it operates 34 branches across the country and with Banco Interfin operates the pension plan known as Interfin-Banex (OPC), the private pension operator mas solid in the country.