In addition, this company was one of those that supported the demand to stop the debt restructuring in New York.
The Dollarization Observatory published a part of the lawsuit filed by a minority group of bondholders against Ecuador and its approach to renegotiate its debt.
This document shows a statement by Jorge Oswaldo Cherrez, Executive Director of IBcorp Investments and Business Group, SA, which would be one of the companies with participation in the Ecuadorian bonds that refuted the proposal delivered by the Ministry of Finance on the renegotiation of the debt.
Jorge Oswaldo Cherrez presented his statement in support of the motion of a minority group of bondholders to sue the country for its proposal to restructure its external debt. Although this appeal was dismissed and this group of creditors accepted the terms of Ecuador, the statement acknowledges that the company IBcorp Investments and Business Group, S.A. acts as manager and advisor to various funds.
Likewise, Cherrez admits that he has several responsibilities, including the analysis and execution of investments in debt securities worldwide, including sovereign investment opportunities on behalf of various funds that IBCORP manages and advises, among which are the bonds issued by the Republic of Ecuador.
In this statement, the manager himself acknowledges that «IBCORP had a significant amount of Eligible Bonds issued by Ecuador.»
Likewise, the document shows that Cherrez expressed his disagreement with the terms and deadlines that were imposed by Ecuador to renegotiate his debt, but confirmed that his company was obliged to accept the terms proposed by the Government.
«Despite our serious concerns about Ecuador’s statements, given the unreasonably tight deadline and the draconian consequences of not bidding, to protect our investors, we had no choice but to bid. Faced with a difficult decision, we feel compelled to tender the Eligible Bonds. ”
Furthermore, Jorge Oswaldo Cherrez was known to have been associated with seven companies, according to public records. The companies were formed over a five-year period and the most recent one was incorporated four years ago in April 2016. Five of the companies are still active, while the remaining two are now listed as inactive.
The company that handled Ecuadorian bonds was incorporated in 2012.
Source: Dollarization Observatory