Wednesday 20 August
2008, San José, Costa Rica
Panama Promotes Eolian
Energy Projects
Guatemala Congress Fund
Vanished
Venezuela Running
Cement Industry
Brazil To Build Another
4 Nuclear Power Plants
Bolivian Provinces
Strike Demanding Oil
Benefits
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Guatemala Congress Fund
Vanished
GUATEMALA - The
Guatemalan Congress
failed to recover 11
million dollars that
were illegally deposited
in a private investment
firm (MDF).
The scandal for the
mismanagement of funds
forced Parliament
President Eduardo Meyer
to file his resignation.
People's indignation for
the diversion of funds
intensified last week
when investment firm MDF,
where the funds where
deposited, Director Raul
Giron declared himself
unable to raise that
amount of money and give
it back to the
Parliament coffers.
Giron had time to flee
before being accused of
fraud by the Attorney
General's Office, which
requested his capture
and ordered to freeze
his assets and bank
accounts.
The audit revealed
one-third of the funds
were never invested and
ended in private
accounts of the firm's
partners and executives.
Member of Parliament
Nineth Montenegro said
oil titles bought by MDF
had reported great
losses as a result of a
recent drop in oil
prices on the
international market.
Bad news did not end
there, as MDF auditor
Raul Fallas said only
Giron knew the password
to access data on the
firm's transactions.
That means that wherever
he is, Giron can make
transactions or transfer
the money to another
destination.
This new scandal further
erodes the confidence
and trust of the
Guatemalan people in
their official
institutions.
According to polls
carried out by local
media this week, more
than 70 percent of those
surveyed think the money
will never be recovered.
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