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Guatemala Military Swindle Bared
A new act of corruption during
the Alfonso Portillo government
came out Tuesday in Guatemala,
after detecting losses of 282
million quetzals (some $38
million) from the Military
Prevision Institute (IPM).
According to the General
Comptroller's Office of
Accounts, these funds
disappeared during the fusion of
the Army Bank with the National
Mortgage Credit in 2003.
The IPM was the majority
shareholder of the Army Bank and
injected millions of quetzals to
have liquidity, but at the end
the money disappeared.
Such loss, stated analysts,
could leave the army's pension
system in crisis in about five
years.
The IPM had already been
involved in other anomalies like
misuse of $36 million in private
accounts of its representatives
and shady dealings in potassium
chloride, used to produce
explosives.
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