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The government of Rafael Correa took over 3 television stations and nearly 200 private companies including TC Television, TC Noticias, as well as insurance, construction, real estate and other businesses, all owned by the Isaias Group.
The take overs are related to embezzlement charges surrounding Filibanko Bank, which collapsed in 1998 and to the Isaias brothers who are wanted on criminal charges and are now living as fugitives in the US.
As a result of the takeover the finance minister Fausto Ortaz, known to have more ‘market’ leaning politics than most members of the left wing government, resigned.
He has been replaced by Wilma Salgado, who will prioritise social expenditure over debt repayment.
The government is looking to recover money spent on cleaning up 20 banks audited during the financial crisis of 1998, considered the worst in history with a cost of more than 8 billion dollars.
The seizure therefore barely makes up for this, Correa suggesting that the property “probably doesn’t add up to more than 200 million dollars.”
The analyst, Xavier Flores, said that citizens and social organisations see the seizure as an act of “revenge and justice”.
The National confederation of Farmer Security said, “It’s not a seizure but a recuperation of property that was unduly appropriated by the Isaias brothers, after the bank assault that they perpetrated 10 years ago.”
A government which prioritises social development- health, education, culture, transport etc over looking after banks and paying off debt to international banks like the World Bank, IMF etc is a government that puts people before profit.
