Guatemalan Congress Meeting over Embezzlement of Funds to MDF

Tags:: Global Report Mercado De Futuros Mdf Guatemala Stocks Marketing Embezzlement Guatemalan Congress

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By: insta
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Updated: 23-Jan-09
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Guatemalan Congress starts Friday the second period of sessions amid a great uncertainty due to the impossibility of recovering 82.8 million quetzals ($11 million) embezzled to a stock market.
The Mercado de Futuros (MDF) S.A. Company had promised to return Thursday the money to the Parliament, however, after a long wait, it does not have that substantial sum.
MDF executives requested another 90-day deadline to recover the money because, according to them, it has been invested in coffee and oil operations and to purchase Euros.
Inquiries from the attorney's office stated that the stock market has no resources in the national bank system, but abroad, and they are not sufficient to cover $11 million of the Congress.
The embezzlement of funds to the MDF in February sparked off a scandal that took the Parliament to remove temporarily directive board president Eduardo Meyer from office