Update: Former Giro Bank Director accused of embezzling 10 million dollars
WILLEMSTAD – Eric Garcia, the former Director of the Giro Bank was arrested by members of the Criminal Investigation Cooperation Team (RST) on behalf of the Public Prosecution (OM).
The former Director is suspected of embezzling more than 10 million dollars in a bankruptcy settlements. He was involved as one of the curators. In a press release emitted by the OM, they indicate that Garcia used forged documents to embezzle millions of U.S. dollars. The local T.V. station TeleCuraçao reported that the company from which he embezzled all that money is the former local airline Dutch Antilles Express (DAE). But this was not confirmed by the Public Prosecution. According to the OM, Garcia was involved in many bankruptcy cases.
According to the OM, Garcia is so far the only suspect in this case. One thing is clear since the RST is involved it could mean that it is a cross-border crime. Garcia has been in police custody since his arrest and is expected to be arraigned tomorrow. The magistrate will test the lawfulness of his arrest and detention. If the arrest is lawful, the judge may extend Garcia’s detention for more eight days pending investigation and interrogation.
Giro Bank files complaint
In June 2015 Giro Bank filed a complaint against its two former Directors, Eric Garcia and Stephen Capella. According to the bank, its former directors did not act in accordance with the guidelines of the bank. Both Garcia and Capella were accused by the bank of fraud and embezzlement.
The two former directors invented a loan and used a false bank guarantee and other documents. The loan of nearly 7.3 million dollars went to companies owned by the former directors. There was an improper transaction of 3 million dollars. In total, an amount of more than 10 million dollars was ‘stolen’ by the two gentlemen.
The OM did not give any information about the involvement of Stephen Capella in this case.