The previous administration of the Yanber Corporation tricked the bankers and an external audit firm with false financial information.
On Monday, Gerardo Corrales, former general manager of BAC San José, said this under oath before the special commission of the Legislative Assembly that investigates credits by the state bank. According to him, after hearing Yanber’s “made-up” financial statements, the bankers held a meeting with the external auditor, Albán Ugarte Brenes, who stated he received false information.
He, like the bankers, was deceived with incorrect financial information,”
said Corrales.
Corrales acknowledged that BAC San José noticed Yanber’s problems when the company requested the Preventive Accord of Creditors in May 2015.
When we received financial statements from the company corrected to June 2015… The impact was so strong that the last internal court of financial statements that we had showed us an equity of almost $37 million and that last corrected financial statement came with an equity negative of minus $6 million. That is, in a period of three months it destroyed value for about $42 million,”
explained Corrales.
The former manager also said Yanber’s former owner, Samuel Yankelewitz, a person he said he trusted, lied to him several times. For example, once he asked him for a million-dollar loan as a matter of urgency to take advantage of the fall in oil prices to buy resins, to which he refused.
He indicated that he proposed having the resins as collateral and Yankelewitz accepted, but at the same time told him he had cash flow problems, that an American bank lent him money and then closed the line of credit.
It was all a lie. Later, when I found out they were in judicial intervention. I called him insistently and he told me that he had not submitted any request for judicial intervention, and later I learned that he had, with his signature and the court stamp,”
added Corrales.
According to Corrales, he is not aware that Yankelewitz asked for loans from state banks to pay private banks.