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SBS announces action against two cooperatives, what is it about?

Be aware that, according to the GSB, co-op users do not currently have a deposit insurance fund. | Fountain: Andean

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The Banking, Insurance and AFP Authority (SBS) has announced measures at two savings and credit cooperatives: Grupo Konecta Perú and Grupo Inversión Sudamericano.

In the case of the South American Investment Group (GIS) Co-op, SBS Resolution No. 01280-2023 declared the entity to be subject to the intervention regime.

This decision was made after cooperative to lose all its fixed capital and cooperative reserve. The shortfall reported by the cooperative was due to poor performance recorded between 2019 and 2022.

According to SBS, at the end of 2022, the company registered a negative equity of SGD 17 million 191 thousand 547, meaning it was at a loss. This amount exceeded the cooperative’s capital of about S$11 million.

On the other hand, SBS announced the dissolution of the Konecta Peru Group as it was involved in the case. inaction.

As stated by the SBS in SBS Resolution No. 01279-2023, the cooperative did not file financial statements for the periods March, June, September and December 2022.

This resolution does not put an end to the legal existence of COOPAC, which exists until the process of liquidation or bankruptcy is completed and, as a result, its termination is recorded in the appropriate public register.

Now connection ceases to be the subject of a loan and the following is prohibited:

  • Initiate legal or administrative proceedings to collect receivables at your expense.
  • Seek enforcement of court decisions against them.
  • Establish liens on any of the assets as collateral for liabilities that relate to them.
  • Make payments, advances or compensation or incur obligations on its behalf with funds or assets that belong to it and are owned by third parties.
  • Draw up a safeguard against your assets

Source: RPP

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