EX-Pres of Industrial bank of Venezuela Arrested for Corruption

[magbana]

"Ex President of Industrial Bank of Venezuela Arrested for Corruption
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May 21st 2009, by James Suggett – Venezuelanalysis.com

Mérida, May 21st 2009 (Venezuelanalysis.com) -- On Tuesday, Venezuelan authorities arrested the former president of the Industrial Bank of Venezuela (BIV), Luis Quiaro, on charges of embezzlement.

The arrest follows a two-year investigation that began when an internal BIV auditor filed an accusation against Quiaro during his term as president of the bank in 2006.

"The Bolivarian government ratifies its unbreakable will and firm resolution in the fight against corruption," Interior and Justice Minister Tareck El-Aissami said in a formal statement.

Quiaro awaits trial in facilities of the national intelligence agency DISIP. He faces three toten years in prison if convicted.

The Attorney General's Office has advanced on several high profile corruption cases this year. Last month, authorities arrested the former Defense Minister of President Hugo Chávez, Raul Baduel, for embezzlement during his term as minister. Also, state and national courts issued arrest warrants for the former governor of Guarico state from the United Socialist Party of Venezuela (PSUV), Eduardo Manuitt, and the former Zulia State Governor Manuel Rosales, a prominent opposition leader who fled to Peru to avoid seeking trial.

Last week, the Finance Ministry announced it will form a commission of financial experts to take custody of the BIV, which is 76% state-owned and holds the majority of the Venezuelan state's domestic deposits.

Tags: BIV | corruption | Luis Quiaro"
http://www.venezuelanalysis.com/news/4461

[Judi Lynn]

1. Whoa, scuzzball. I've heard of this guy before!

http://www.rnv.gov.ve.nyud.net:8090/noticias/uploads//post-4-1117062433.jpg

You're doing a heck of a job, Luis!

Venezuela arrests former head of state-run bank
Associated Press, 05.19.09, 02:55 PM EDT

Venezuelan police are holding the ex-president of a state-run bank on corruption-related charges after the bank reported nearly $90 million in losses.

Luis Quiaro, former head of Caracas-based Banco Industrial de Venezuela, was detained Tuesday after a court issued an arrest warrant.

Quiaro was put under investigation for alleged corruption after the bank reported it had lost $88.6 million since 2007.

The government appointed a temporary board of directors last week to evaluate its financial situation.

Venezuela's Justice Ministry said the case reflects its "unbreakable will and firm resolution" to fight corruption.

http://www.forbes.com/feeds/ap/2009/05/19/ap6442103.html