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  HOME | Ecuador (Click here for more)

Ecuador Accuses Former Top Officials of Malfeasance

QUITO Ė The Ecuadorian Attorney Generalís Office announced charges Thursday against two former officials for misuse of public funds in the context of foreign debt negotiations during the 1992-1996 administration of President Sixto Duran.

The case involves former Economy Minister Mario Ribadeneira and the erstwhile head of the Monetary Board, Ana Lucia Armijos.

Prosecutors sought the indictments based on a 2008 report from an audit commission that reviewed all aspects of Ecuadorís sovereign debt over the past three decades.

The panel was created by President Rafael Correa, a U.S.-trained economist who contended that some of the debt transactions were illegitimate and harmful to the national interest.

The president cited the audit commissionís findings in late 2008 when he suspended interest payments on 2012 and 2030 Global Bonds, a move that induced the bondholders to accept a substantial haircut in a subsequent rescheduling.

Ecuador has continued to meet its obligations on debt deemed legitimate by the audit commission. EFE
 

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