• Posted on Wednesday, July 9, 2008
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Ecuador seizes assets of business group in bank dispute

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By Jane Bussey | Miami Herald

Ecuadorean authorities took over three television stations, a sugar mill and dozens of other companies belonging to one of the country's most powerful business groups on Tuesday, calling it a move that should have been taken a decade ago to settle debts from a banking collapse.

Former Ecuadorean banker and now Miami-area resident Roberto Isaias called the pre-dawn takeover of companies and other assets belonging to Grupo Isaias "completely illegal.''

Isaias, along with his brother William, are considered fugitives by Ecuadoran officials for their alleged role in the collapse of Filanbanco in December 1998. Earlier this year President Rafael Correa renewed efforts to extradite them from the United States, where they both have luxurious homes.

Accompanied by police, the Deposit Guarantee Agency — akin to the U.S. Federal Deposit Insurance Corp. — took over TC-Television, Gamavision, Cablevision, La Troncal sugar mill, as well as insurance, construction and trade companies and aircraft and yachts belonging to Grupo Isaias. The 195 properties are now owned by former Filanbanco and Grupo Isaias shareholders and executives who claim to have no relationship with the Isaias brothers.

At TC-Televisión, some stunned employees wept, while others shouted at police.

Read the full story at MiamiHerald.com.

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