Econoinvest SIGNS TO THE MOBILE MADE AGAINST
Econoinvest who are part of, an institution renowned in the field of financial investments and in promoting savings, investment and responsible citizenship we decided to remove the charges against our institution, in a smear campaign intended to bring questioned the transparency of our operations and to introduce ourselves as ordinary criminals.
It should be noted that such accusations flagrantly violate the Constitution of the Bolivarian Republic of Venezuela by violating safeguards such as the presumption of innocence, the right to due process, defense and physical and moral integrity, giving the matter in court and downloading all the power of the state against an institution, without giving an opportunity to argue or defend.
Therefore, we proceed to offer specific and categorical responses to each of the signs, to show the distortion and misrepresentation of them.
Impersonation
Faithful to our principle of democratization and popularization of savings and investment in Venezuela, in 2007, our institution proposed one of its customers, based in the city of Maracaibo, open accounts investment for its dealers nationwide, in a pattern common among companies and savings banks. At least 1,000 vendors of the company were opened investment accounts through the same company, and not individually, ie, through a business to business relationship, and our client, the legal person responsible deliver the relevant documentation to investors. That is, people who worked for her as sellers. This is the reason why it has been shown to the public testimony from people who claim ignorance of our institution and through these operations.
In Venezuela there are many forms of collective savings, savings banks, savings funds, work incentive programs, business trusts, collective investment schemes, insurance and HCM, using common address for all its members. At present the 3000 major savings banks in the country have multiple plans, and most of its affiliates holds 3,000,000 of touch with their savings and financial institutions not to supporting them, ignoring the instruments and institutions that your organization invests.
Importantly for the customer financial intermediary is the legal and natural persons not related to it.
situation is the case of "Mrs. Pinto", which has been widely channel 8 in order to sustain the charge of identity theft. In this regard, we emphasize that the Department of Prevention and Control of Econoinvest presented 26 reports of suspicious activity of this company with the competent authorities, as was his obligation.
Tenure cards and equipment to identity
Econoinvest
has neither ever had any machinery for the production of public documents, much less identity cards. It has been stated in an irresponsible manner that our facilities are managed such machines, which is completely false. The only material production equipment identification has our company is used for computerized identity cards and personal identification, which is commonly used in many institutions with high payroll and internal safety.
It should be noted that statements about ownership of machines for forging identity documents make public knowledge at a time when access to our offices for a period of more than 10 days, was restricted to the auditors, since they prevented the access of staff to their workplaces violating the most elementary principles of procedural law referred to the control of the test.
Ballots show
The alleged false cells found in ordinary paper and used as evidence of the unfounded accusations are part of examples that we took of the Internet and we used in the course called Introduction to Program Verification Customers for the training staff by express provision of the rules on prevention and control of serious crime of money laundering issued by the National Securities Commission at the end of preparing for detecting false identification cards.
species is so gross, that such images are on the Internet for being part of a complaint about multicedulados delivered to the Office of the Independent Solidarity Party in February 2009 and can be found in more than 20 blogs, such as http: / / solidaridadindependiente.blogspot.com / y noticierodigital.com / forum / viewtopic.php? p = 8787661 & sid = 6ace2d7af45ee902a0ab4745e338f286
Staff Training to produce illicit
Econoinvest the institution of the highest number of anti-money laundering experts and corruption, internationally certified by the Association of Certified Anti-Money Laundering Specialists (ACAMS). Are 16 years of activity focused on the philosophy of employee shareholders, in addition to being a leading institution in the concept of socially responsible business and promoting good corporate governance standards.
addition, the company provided an opportunity in 2006 to all employees to become shareholders, ending the year with over 520 shareholders, employees whole group.
Logos
state enterprises and other financial entities
is noted that in our institution was found an archive of logos of state enterprises and other financial entities, which is intended to see that they were irresponsible used to build official documents.
Our team of professionals to prevent and control digital (for security reasons) all communications sent and received from official and private entities, so that their logos were stored in the computers for these procedures.
On the other hand, there are logos of public and private institutions in some computers, in order to make marketing presentations. It is no secret that Econoinvest was the leading bond placements, or instrumental in the acquisition processes of companies such as Electricidad de Caracas, CANTV, Banco de Venezuela and Fabrica Nacional de Cementos, mainly in everything related to the care of small shareholders. The impossible is that any document has been forged.
A similar charge us stamps tenure of public bodies, and likewise there is no evidence to support that accusation, since it is false.
Bank Transfer
Transaction used in the complaint and identified as illegal, corresponds to the release of a security for a reputable bank for a loan to Econoinvest and not Econoinvest Capital Brokerage, a company in receivership. It should be noted that directors are not disqualified or Econoinvest Capital, which is the holding company of the group, it is not restricted in their operations.
The company signed the checks but do not hold the monies handed up to 7 months for giving false signal solvency.
Three months before the intervention, the National Securities Commission eliminated the main product of the houses bags, so-called "mutual." This product is comparable to current or savings accounts in banks. Try to imagine the removal of overnight, the figure of the current account in the banks and the entire operation should be implemented to provide clients with their funds, not only via bank transfer, but also route of delivery of checks.
The decision to remove the mutual was an order from the Securities and Exchange Commission and in the case of this situation meant Econoinvest pay to 60,000 customers in less than two months, disbursements in the order of 3 thousand 300 million Bolivars. From
financial terms and logistics, it was a very difficult task, but thanks to the professionalism of its employees and its technological structure, Econoinvest able to comply with the decision of the CNV.
To give an idea of \u200b\u200bthe complexity of the decision of the SEC, the company made an average of 600 payments per day (18,000 per month). In that short period of time, we were meeting the goals of delivery of checks to our customers, but were awaiting a delivery of approximately 9,000 checks from a universe of 60,000 customers, which could not be delivered due to intervention by National Securities Commission, which occurred in May of this year.
Importantly, the vast majority of the checks that belonged could not be delivered to customers who had changed their mailing address, email address or phone number, making its location by our executives and our Customer Care Center.
From the accounting point of view, to write the check, effectively reducing liabilities, but it reduces the asset, which is an automated process in the accounting systems of the company, so the decline in their balance all without affecting solvency. That is why the assertion is wrong by those currently in charge of the management company to say that it manipulated accounting in terms of solvency. To the extent that checks were issued, they left enough cash in the bank accounts to meet payments. That is, at the time of the issuance of checks, there were 120 million Bolivars in our accounts, which would comfortably meet with checks in transit.
9000 people to check traffic, 9000 hidden checks
This assertion is false. By elimination of the mutual were forced to issue checks to all customers (which was notified to the National Securities Commission). Later informed customers that their checks had to withdraw or, alternatively, that provide a bank account in order to perform their respective deposit. About 9,000 checks is the remnant of the payments could not be performed due to the intervention of the National Securities Commission which took place last May.
Our Operations Department reported from the first day of the intervention, the existence of such checks, as evidenced in our communications to the controllers. In the same requested delivery of those checks to customers.
Access to the date of surgery and total amount of checks
This point has been fully explained, but we consider important to the reiteration: there are insufficient assets in the institution to cover the liabilities of the customers. Only that they are in government bonds or shares, since by law, brokerage firms can not hold cash in their accounts with clients such as banks, under the National Securities Commission forced us to take actions or bonds to cover the customers' money.
When the controller body says must sell assets to pay the customers can not be understood to be proceeding to sell, for example, three houses, two offices, a car, but own shares or bonds earmarked for that and specifically assigned to each customer. The primary goodness of this is that these assets are of immediate liquidation if so desired by the customer or investor.
While this clear, this statement released by the agency controller, looks biased. Additionally, both the president of the CNV and the intervener have argued that the company is solvent and financially healthy.
Econoinvest requesting customers to sign on their behalf powers
The National Securities Commission approved each and every one of the products, contracts and documents he signed the brokerage firm with customers. Consequently, authorized the use of legal concepts that served to expand and offer the benefits of investing in government securities to people who previously had no access to them. Within these products is the stock brokerage account, which allowed customers to choose if given power to make the company more agile and effective requirements. It was a free decision by the customer. Thus, for the proper functioning of the brokerage account, the customer had the option to grant power to the brokerage houses to open bank accounts, trusts, brokerage accounts or securities depository. This is only used to facilitate payments and deposits to the client. Such a standard, local and international, is implemented with proper authorization from the customer, and is common practice to stock market and Venezuelan banks in general, not only Econoinvest.
Using minors to purchase securities
Venezuela has a long tradition of savings or investment for young children. Investing in stocks or bonds is a way to do it, allowing children to have a background for their studies and / or future needs. It was traditional for children to open a savings account at a bank or give them a piggy bank and then deposited the proceeds of which in your savings account.
not constitute a crime or may now be criminalized to open savings or investment accounts for younger children.
component is important to emphasize the long-term investment account to meet consumer needs versus stimulation. With the figure who accuse us investments were made in Venezuela and is not stimulated the flight of money. Both elements are part of the company motto: to promote saving and investment in the country long term.
These directors, employees and customers of the institution, used this figure of investment for their children. None of these accounts can be mobilized to come of age. Figure fits perfectly into our company's approach to promoting the culture of long-term savings versus consumerism.
offer scholarships to sign bonds
This statement is false since the group managers becaron personal capacity to low-income students in universities Católica Andrés Bello, Simón Bolívar Metropolitan. These students did not purchase any security, receiving only fellowships and the merits of that money remains in the trust which pays on behalf of the respective university.
debt managers BsF leave.
80 million
This claim is unfounded because the financial statements at the end of April 2010, records the assets of the company and its assets. Own auditors and the SEC officials have repeatedly recognized that there is equity in the company's problem. Managers held positive balances and stocks and bonds in their portfolios and personal stock brokerage accounts.
Buy art by Econoinvest managers at the expense of the assets of the company
This fact has wanted to exploit as a matter of embezzlement, but it noted that managers, like than 60,000 customers having the brokerage firm, investment portfolio maintained and could apply for payments to third after verification of the origin and destination of funds. In the case of purchases of works of art by the directors, they were paid with checks issued by brokerage Econoinvest but deducted from the portfolio of the client (the director, in this case), and at no time was money Brokerage Econoinvest or persons other than their rightful owners.
This point refutes a baseless accusation, which denotes not only bad faith, but ignorance of the products of a brokerage firm.
aircraft and maintenance expenditure
As in the previous paragraph, using the portfolio manager to honor the payment, not Econoinvest account. All customers are well aware of usage and the facilities afforded by the stock brokerage account brokerage Econoinvest.
The auditors have not laid off staff
The auditors state that they have not laid off staff, and instead have made 137 withdrawals. It is public and notorious campaign of intimidation carried out by the comptroller to employees, who threatened to detain whom she considered not worked, and this has generated the aforementioned disclaimers.
The recent detention without any legal cause, the Vice President of Human Resources, and the arrest warrants to all vice presidents and several managers of the company, are a manifest sign of persecution.
This point is delicate and should be investigated by the authorities, given the immense pain and suffering, economic and psychological inflicted by the person in charge of the operation to an immense amount of Venezuelan families.
try to put into question the morality of Econoinvest
The concern of managers, employees and shareholders to our institution for to respond quickly and safely to their customers after surgery, are proof of the integrity of its people. The promotion of values \u200b\u200bassociated with savings and investment for more than 10 years are an example of creating awareness about the welfare of people.
The Foundation for Urban Culture is a powerful symbol of the concern of the Group of Companies Econoinvest to achieve better spaces for culture in the city. More than 100 books in various genres and tests related to the city, are proof of this.
personal finance courses taught across and across the country, aimed at educating people in the healthy management of the economy at home, are indicative of the sense of social responsibility of its executives.
on responsibility
We have been audited by experts countless times worldwide, achieving outstanding ratings for our accountability and transparency. The National Securities Commission itself acknowledged that they were already doing inspections Econoinvest during the dismantling process of mutual, which was conducted between February and April. Subsequently made an oversight in order to review the operations of the alternative market, and at no time Econoinvest refused to provide the requested information. Never Irregularities.
In fact, the regulator's auditor issued a report during the month of April 2010 where to focus for the performance of Econoinvest in the removal of the mutual.
oversight During the daily reported the mechanism of price formation in market TICC and Arbitration of securities, and the structure of negotiation and they were all customers operating daily without any objection or recommendation by the National Securities Commission.
The Banco Central de Venezuela, requested information on several occasions in relation to the exchange bond issues without having received any call attention to this.
Several times there was communication with the president of the National Securities Commission. The first during the month of December 2009, when he urgently requested the database of all our customers. As such information confidential, the reference is not the specifics of each client, but ultimately, and to pressure the regulator, this information should be delivered.
It is worth noting that the request was made to all brokerage firms and brokerage firms, who had to play the same way with the said requirement.
is important to stress that has been standing policy of our institution, safeguard the confidentiality of our customers' investments in order to prevent such information may be used by unscrupulous third way, as in cases of well-known lists of public opinion .
During the oversight made in the months of March, April and May, there was another telephone because the president of the National Securities Commission ordered the cessation of operations in the alternative market, a move that would likely impact on public policy, as we know it, whereupon, thanking our sugerencias, dejó sin efecto la orden inicial.
Como bien certifican nuestros estados financieros auditados al 31 de diciembre de 2009 y los posteriores que reposan en la Comisión Nacional de Valores, Econoinvest Casa de Bolsa cuenta con un patrimonio a abril de 2010, de 355 millones de bolívares fuertes, cantidad que cubre holgadamente obligaciones con nuestros clientes, empleados, proveedores y accionistas, manteniendo los índices exigidos por el ente regulador en niveles altamente satisfactorios.
Con la conciencia limpia
Desde el principio estuvimos tan seguros del manejo virtuoso de nuestro negocio que, pese a los alertas de amigos y relacionados in the sense of following the example of others who left the country, we stayed. The day of the raid, one of the directors were in office. All others were out. And we showed up right away to come forward, conscious of our obligations handling neat, because for us Econoinvest brokerage was not a simple business, but the ultimate reason of our lives.
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