Latest phase of Coopera repayments affects 119

Oct 29, 2014

More Coopera investors receive partial repayment

In the fourth phase of repayments to investors in the failed Cuenca financial cooperative, Coopera, account holders with accounts of up to $102,000 are receiving payment of $46,875. The government said that, as of Tuesday afternoon, more than half of the 119 eligible investors have picked up payment at Banco Pacifico.

Although $30,326,000 is owed to account holders, according to Diego Aguilar, liquidator for SEPS, only about $10 million is available for payments. Following the current phase of partial repayments, about 120 investors will remain unpaid, he says.

Gustavo Quito, attorney for some Coopera investments, disagreed with the formula of repayment and said that it appears that many of his clients will receive nothing. He said he plans to proceed with legal action against SEPS.