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Former ELCA President Freed on
Bail
Following almost two years in
preventive detention, former
Banco ELCA president, Carlos
Alvardao Moya was a free on bail
at 12:45pm yesterday. Alvarado
was able to leave the jail cells
of San Sebastián following the
bail payment of us$650.000.
A judge of the Juzgado Penal de
Goicoechea gave Alvarado his
freedom after a property located
in La Uruca worth more than the
us$650.000 was encumbered in the
name of the court as the
Fiscalía had requested. The
property is owned by Alavardo's
parents.
In addition to the property,
Alvarado has to comply with
other conditions to keep his
liberty. The former bank
president cannot leave Costa
Rica and must regularly sign in
at the court. In addition,
Alvarado cannot go near any
offices of Banco ELCA or have
any contact with any witness or
anyone affected by the bank's
closure.
According to César Gómez,
Alvarado's lawyer, the deal was
negotiated last week but it took
time for the family to meet the
bail conditions.
Alvarado, was detained on 23
July 2004 for alleged
irregularities with credit
lending at the bank that was
founded by his father and
intervened by the
Superintendencia General de
Entidades Financieras (SUGEF)
and the Consejo Nacional de
Supervisión del Sistema
Financiero (CONASIF) on June 28,
2004.
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