The investigative series by Infodio has sparked significant reactions. Following the publications since August 9, there has been a rift in Ecuador’s insurance and reinsurance sector. At the same time, the government of Rafael Correa has announced investigations. The first casualty was Fernando Mantilla, a sports leader identified as the link between major business ventures and political power. Recently, he resigned from his position at Deportivo Quito. While the team’s poor performance and financial struggles weighed heavily on his decision, the more probable reason for such a drastic action was his sudden downturn in business. A press release from last week revealed that Mantilla lost all influence in the insurance and reinsurance sector.
Despite the serious blows dealt by this media investigation, the corrupt political structure continues to operate. Evidence of this is that, according to published information in Ecuador, Mantilla’s accounts were transferred to Global Inc. Reinsurance, owned by Diego Sánchez Silva, a close associate of José Serrano, Ecuador’s Minister of the Interior. The first account involved was Tame EP, a state aviation company boasting a large fleet.
Cléver Jiménez, an Ecuadorian assembly member who has taken up this case, stated last week through a press release that another victim is Camilo Samán, a right-hand man of President Rafael Correa and ex-treasurer of his 2006 campaign. Samán was a key figure in state insurance, but according to Jiménez, he has lost influence after confidence was withdrawn for him to manage Sucre and Rocafuerte, the two state companies entangled in the irregularities reported by Infodio.
All signs suggest that the impact of this investigative series has even reached the Palacio de Carondelet. President Correa announced less than two weeks ago that he would investigate everything related to a corruption network in the insurance and reinsurance sector. The president specified that the Superintendency of Banks had detected that one of the largest accounts in the country was involved in irregularities. This account belongs to the Corporation of Electricity of Ecuador (Celec), whose assets are 100% insured by the state-run Sucre, but only 45% reinsured with a foreign company. This means that in case of a disaster, the state will have to cover 55% of the loss, despite having paid for full insurance. Clearly, this is a scam, likely carried out in collusion between the state company and a private reinsurance intermediary selected by the insurer.
However, the Celec case is not new, asserts assemblyman Jiménez through his press releases, public appearances, and even a video. The legislator claims this was detected two years ago, and that President Correa has only been trying to divert attention.
In any event, the investigations into the insurance and reinsurance sector in Ecuador will continue. It is still necessary to uncover the identities of those surrounding Camilo Samán, known as the ‘KipeBoys’, who are not only dominating the irregular insurance of Ecuadorian state assets but also many other areas.