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Baninter trial set for February

WEDNESDAY 6 FEBRUARY 2008

BY: DJ TEMPTATION

The Third Criminal Chamber of the District Court of Appeals today set Feb. 18 for the trial of those involved in the collapse of Banco Intercontinental Baninter. In it are involved Ramón Báez Figueroa, Marcos Baez Cocco and Luis Alvarez Renta, who were sentenced to different terms.

The first two for violation of the Monetary and Financial Code and the third for money laundering. Báez Figueroa, Báez Cocco and Alvarez Renta was judged by the First Chamber of the First Collegiate Court Preceded by District Judge Antonio Sánchez Mejía.

The Dominican Republic was hit in early 2003 with the official unveiling of the BANINTER , had committed a fraud of tens of thousands of millions of pesos.

The sum involved in the fraud and the cost of efforts by the authorities to save citizens' savings amounted to RD $ 55.000 billion, equal to two thirds of the national budget at that time.