#USA #Puerto Rico #Bancrédito #BHC #Geneva Trust

Geneva Trust Company Advocates for $50 Million Asset Recovery

In an ongoing legal battle rooted in Puerto Rico’s financial landscape, Geneva Trust Company is poised to reclaim over $50 million in assets tied to Bancrédito Holding Corporation (BHC). This Swiss fiduciary, tasked with managing the Trust's assets, is set to meet with officials from the Office of the Commissioner of Financial Institutions (OCIF) and the administrator Driven Administrative Services. Representatives will travel to Puerto Rico in the coming weeks to push for this crucial meeting, making their intentions clear – it’s time to settle claims.

Despite years of communication, the resolution of these complex matters has been frustratingly slow. The significant sum in question remains, as BHC has completed payments to its depositors while the remaining assets linger in legal limbo. Included among these assets is a collection of fine art, notably a piece titled “Nuestra señora de Nueva York” by Fernando Botero, which has garnered attention beyond mere financial concerns.

Luis Zapata, President of BHC, declared the urgency of the situation, elaborating on the visit that will encompass New York, Miami, and Puerto Rico. He stressed that this visit aims to demand the immediate return of the assets rightfully owned by the Trust’s beneficiaries. "The responsibility lies primarily with the authorities who initiated the liquidation process in the first place,” he stated. "We believe the time has come for justice to prevail and for these assets to be returned to their rightful owners."

In 2022, the liquidation proceedings for Bancrédito International Bank Trust Corporation began, stipulating that after reimbursing the depositors, any remaining assets should revert to the bank. However, the administrator has retained certain items and reportedly sold them without the proper authorization, leading BHC to engage in legal action against Driven for breaching fiduciary duties. Additionally, BHC is pursuing claims against law firms including McConnell Valdés, Holland & Knight, and McDermott Will & Schulte, which, BHC claims, acted negligently resulting in hefty fines imposed by FinCEN.

The situation is further complicated by the fact that, just recently, a criminal case against the bank’s founder, Julio Herrera Velutini, was dismissed following a full and unconditional pardon from President Donald Trump. Allegations pointed to a political witch-hunt, particularly as the investigation commenced shortly after Puerto Rico’s former governor publicly backed Trump during the contentious 2020 elections.

In the aftermath of these developments, which culminated in January 2026, the ongoing controversy has paved the way for accusations of electoral irregularities. As 2024 approaches, the political temperature remains high, and questions continue about the legitimacy of the past election cycle. Notably, Tulsi Gabbard, Director of National Intelligence, recently confirmed that voting machines are under official custody for audit purposes, further entangling the thread of accountability in Puerto Rico’s electoral process.

As Geneva Trust gears up for its high-stakes meeting, there remains an air of uncertainty surrounding the future of these assets and the broader implications for financial governance in Puerto Rico. The next steps taken will not only impact those involved in the Bancrédito saga but will also send ripples through the financial sector, potentially reshaping policies regarding fiduciary responsibilities and asset management.

In conclusion, the case surrounding Geneva Trust and Bancrédito is emblematic of a much larger narrative involving trust, accountability, and governance in a landscape fraught with both political and financial intricacies. The coming weeks could prove decisive in determining the outcome of this asset recovery endeavor.