WILLEMSTAD - The ongoing bankruptcy case of Banco del Orinoco N.V., part of the BOD Financial Group and the Cartera/Vargas Group, saw new developments recently as the First Instance Court overseeing the case scheduled the continuation of creditor meetings for December 6, 2024. This action reflects the severe situation regarding the financial status of the bank and concerns over the authenticity of investment documents. Farrindon, a renowned securities custodian based in Singapore, denied any association with the alleged assets presented as investments meant to cover depositor funds.
The ruling was issued as representatives of a significant group of Banco del Orinoco creditors, including Lucas Rodríguez, José Gregorio Vásquez, and Roberto Hung, were in Curaçao following the case closely. They were responding to the presentation of supposed investment proofs totaling more than $1.5 billion, funds which are now reported as "vanished" or "evaporated." The representatives’ trip to the island has involved meetings with official agencies and discussions with other affected parties and specialized investigators to further examine the bank's financial collapse.
Legal options under consideration include piercing the corporate veil to hold responsible parties personally accountable, nullifying questionable pre-bankruptcy transactions under actio pauliana, asset pursuit in various jurisdictions, and exploring potential criminal liability. Rodríguez, Vásquez, and Hung met with legal professionals in Curaçao to address the conflict of interest posed by a member of the Creditor Committee, allegedly affiliated with the Cartera/Vargas Group. They argue that those involved in causing the bank's failure, including associated individuals and companies, should not participate in the vote on the Composition Plan proposed by the same group.
The case continues to garner attention across Curaçao and the region, as stakeholders and legal experts watch closely to see how the proceedings unfold in the coming weeks.