Three years of the FICREA case, there is no solution for savers

The 4,900 savers affected by the Sociedad Financiera Popular (Sofipo) Ficrea that still expect to recover their money, through the bankruptcy in which the company is currently located, are still in financial uncertainty. The process to get paid their total savings could take until after the 2018 elections, Edwar Martín Regalado, founder of the law firm Regalado & Galindo Abogados, told a press conference.

“Through the mercantile contest (those affected) will not recover 100% of their savings, they have to sue the State and Rafael Olvera Amezcua,” said the representative of 60 savers. Which means a long process and that, possibly, is not resolved until after the elections of the following year, he added.

Since 2015, the firm began filing class actions. So far he has six with the intention of recovering 100 million pesos.

Regalado blames the State because it was the National Banking and Securities Commission (CNBV) that ignored the irregularities that Ficrea presented since its founding in 2008, and still let it operate. And he blames Olvera Amezcua because he is the main shareholder of Sofipo (with 99.92% of the financial).

“From the civil point of view, when two people (company and partner) harm in common, the payment of the affectations falls on either of them. That’s why Olvera is responsible. In the case of the State, the Federal Law of Patrimonial Responsibility of the State says that it will be sanctioned and will be obliged to act in a better way and compensate those affected when it is wrong in its actions, “said the expert.

In this way, CNBV officials will have to pay for the economic and moral damage that resulted from not properly supervising Ficrea, the lawyer explained.

“In civil law, the supervisor is responsible for what the supervisee does: the parents are responsible for what their children have; as well as the companies of what their employees do and the Commission of what Ficrea did “.

The office expects that by March or April of 2018 the Plenary of the Supreme Court of Justice of the Nation will issue a favorable ruling for the savers and this crime will be recognized. The risk is that the CNBV will seek an injunction to defend itself and again the process will be encouraged and resolved until after the elections.

“It is urgent that the case be resolved, we have affected between 70 and 85 years. One of our clients has already died, but we are confident that the Supreme Court of Justice of the Nation will attract the case and the magistrates will give us the reason, “said Regalado.


If the Supreme Court of Justice recognizes five cases of the same type, it will become jurisprudence and, therefore, the benefit will be applied to the 4,900 affected by the fraud and the State and Olvera Amezcua would pay them all 100%.

On the other hand, if Olvera Amezcua does not challenge the lawsuits that are already against him and does not appear to declare, he will be obliged to pay. The authority will auction off their assets and with that the debts of the savers will be paid, said the expert.

Regalado & Galindo Abogados are not the only representatives of the savers. There are other firms that have tried to defend savers without achieving positive results. One of them is the signature of lawyer Fauzi Hamdan, who represents 1,740 savers, which filed a lawsuit that “is not processed and was rejected by the district judge, the collegiate and the Supreme Court of Justice refused to attract” , said Regalado. The reason is that he accused the Ministry of Finance and Public Credit of the fact.

So far, 18% of the assets recovered from Ficrea have been distributed through commercial bankruptcy. This and the deposit insurance have been the only two ways -until the moment- in which the savers have been able to recover part of their money.

On November 7, Ficrea was intervened by the CNBV and 6,800 savers lost more than 6,400 million pesos.

Source: Expansión

Related Posts