Regulatory Alerts2015-06-04 | JB-2015-3452Resolution No. JB-2015-3452 of the Banking Board of Ecuador
The Banking Board of Ecuador annuls a personal fine imposed on Jorsi Medardo Macías Cabello for violations related to the Fondo de Cesantía del Magisterio Ecuatoriano's 'Cuenta Única Preferencial' and investments in the Sabanilla Hydroelectric Project. The Board determined that the Regional Superintendent failed to properly consider the respondent's defenses and lacked sufficient motivation in the administrative act, thereby violating the right to defense. Consequently, the resolution confirms the illegality of the sanction and orders its immediate nullification.
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