Trending

Newsletter

Son and Brother of Guatemala President Arrested on Corruption Charges

By: Elena Toledo - @NenaToledo - Jan 19, 2017, 7:56 am
Son and Brother of Guatemala President
President of Guatemala Jimmy Morales, vaguely tweeted his confidence that the law would resolve this issue. (102 nueve)

EspañolThe son and brother of Guatemala President Jimmy Morales were both arrested on corruption charges this week.

The brother of the President, Samuel “Sammy” Morales, as well as son of the President, José Morales Marroquín, were detained by authorities for mismanaging funds tied to a massive breakfast bill at the family restaurant.

The Special Prosecutor against Impunity (FECI) of the Guatemalan Public Ministry reportedly couldn’t arrest Marroquín on Wednesday morning because he was in the presidential residence, which has immunity, so he was instead notified of his mandatory appearance before court officials, who had an arrest warrant against him.

He arrived at the Public Ministry accompanied by about five agents from the Secretary of Administrative and Security Affairs, who guarded him and got him away from the media.

 

Investigations on Sammy and José Manuel Morales began in September 2016, when it was reported that the restaurant Fulanos & Menganos, owned by the brother of the president, faked the purchase of 564 breakfasts for the National Registry of Property, which were paid for with 90 thousand quetzales (US $ 12,000).

The brother of Jimmy Morales argued that he had done “a favor” for his nephew, who requested an invoice from his restaurant for the breakfasts in question.

Source: Prensa Libre

Elena Toledo Elena Toledo

Educator by trade, social-media apprentice, activist for a democratic Honduras, and free thinker. Follow her on Twitter @NenaToledo.

Fitch Ratings Downgrades Colombian Banking System to Negative

By: Julián Villabona Galarza - Jan 18, 2017, 4:38 pm
The important Fitch ratings agency has recently issued a negative report on the state of Colombia's banking system (

Español Fitch Ratings, a ratings agency, has lowered its assessment of the Colombian banking system from stable to negative. This means that Fitch Ratings is calling upon the country to strengthen its banking sector. According to the newspaper El Espectador, the decision was criticized by the Financial Superintendence, which controls the operation of Colombian banks. They stated that the country has made the changes that have been needed in order to strengthen the banking system and conform to the international standards necessary to maintain high ratings with the ratings agencies. Read More: A Complete Guide to Colombia's Increasingly Expensive Tax Reform Read More: The Uncomfortable Truth About Colombia's FARC Peace Deal However, Bancolombia, one of the largest banks in the country, refuted the report from Fitch, arguing that proportion of outstanding loans within the portfolios of Colombian banks are within the permitted level of risk. Analysts at Bancolombia have described the nation's banking system as healthy and protected. The Financial Superintendency also added that the risk rating does not take into account the state of financial regulation in the country, which the entity says is the strongest when compared to other countries in the region. The figure that they emphasized is that the solvency of the banking sector that was 15.46% in October 2016, when the regulatory minimum is was only 9%. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1459522593195-0'); }); It is expected that the Colombian government will continue to implement the necessary measures to comply with international standards, prioritizing measures to strengthen the Colombian financial system and thus prevent ratings agencies from taking similar action in the future. Colombia has largely avoided the financial crises and banking collapses that have affected many of its Andean neighbors in recent times, including Venezuela, Ecuador, and Bolivia. However, state revenues have fallen recently, amid declining prices for commodities such as oil, coal, and iron. Source: El Espectador

Weekly E-Newsletter

Get the latest from PanAm Post direct to your inbox!

We will never share your email with anyone.