Coop-Herrera approves its dissolution and liquidation
The Herrera Savings and Credit Cooperative ( Coop-Herrera ) approved its dissolution and liquidation this Wednesday, two years and seven days after having been intervened by the Institute of Development and Corporate Credit ( Idecoop ) for an embezzlement of more than 2.5 billion pesos to the detriment of savers.
The decision was made during an Extraordinary General Assembly of Delegates, held under the supervision of Idecoop , and in which it was confirmed that the entity's assets are insufficient to meet its financial obligations .
According to a press release, the technical-financial report , previously submitted to the Attorney General's Office, was presented at the meeting, which was attended by more than 66% of eligible delegates.
The report reveals a "critical and reversible" financial situation, reflecting a significant deterioration that precludes the entity's operational and financial continuity.
Based on this evidence, and in compliance with the provisions of Law 127-64 on Cooperative Associations and the regulations of Idecoop , the assembly formally approved the dissolution , an extraordinary measure that is only adopted when all possible avenues for institutional rescue have been exhausted and financial conditions make its sustainability unviable.
Leading the opening ceremony of the assembly, Idecoop President Maritza López emphasized that " strengthening the Dominican cooperative system requires transparent institutions geared toward the collective well-being of its members."
This decision was overwhelmingly supported by the delegates present, who welcomed the regulatory body's technical recommendations , recognizing the need to move toward an orderly closure process that guarantees transparency, compliance with the law, and the protection of members' rights.
As part of the procedure, the Liquidation Commission was formed, the body responsible for managing the dissolution and liquidation of assets, in accordance with the provisions of the law.
This commission will be composed of Jorge Guerra Mirabal , legal representative of Idecoop ; Carolyn Bravo, delegate of Coop-Herrera ; and Eduardo Abreu Martínez, representative of the Dominican Federation of Cooperatives (Fedocoop).
Idecoop reaffirmed its commitment to accompany this process with due technical rigor , in strict respect for the principles of cooperativism , and guaranteeing the right of members to be informed and protected during all stages of dissolution and liquidation .
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