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On the Golden Mile, in Hato Rey, where the offices of Bancredito International Bank and Trust Corporation were located, The art collection of the bank’s founder and sole shareholder remained, Julio M. Herrera VelutiniWho is afraid that it will be sold by Driven Administrative Services, LLC.
Through parent company Bancredito Holdings Corporation, A motion was filed this Tuesday before the Federal Court to issue a temporary retention order and precautionary measures to prevent the receiver from disposing of or influencing the actions.
“Plaintiff attempted to resolve the issues related to the artwork without litigation, but since his concerns remain unresolved, he files this motion: to restrain the plaintiff from selling, transferring, damaging, or otherwise disposing of the artwork; and compel Driven to specify how it is caring for the work of art,” the injunction reads.
Although the legal appeal submitted by Bancredito does not specify how much the art collection is worth, the document indicates that it is “extremely valuable”,
Driven gained powers of collection after being appointed administrator of the bank in August 2022 and later, in January 2023, he became a receiver taking control of the assets of the International Banking Entity (EBI).
According to statements from Bancredito Holdings, Driven tried to sell the artworks last month, prompting the international institution to take legal action.
Specifically, Bancredito, in addition to requesting a temporary restraining order to prevent the sale of the works, He asked to be informed of the care being taken by Driven, as custodian of the pieces, to preserve them.
still, The federal judge assigned to the case, Camille L. Vélez-Rive rejected the request for a temporary ban, while giving Driven a deadline of 7 February to respond to Bancredito’s request for precautionary measures on works of art.
As part of the request, Driven will be required to disclose the conditions in which the artwork is kept and specify how she cares for it while it is in her possession.
It is believed that in previous communications between the EBI and the liquidator It was indicated that the artworks were kept in Hato Re’s offices in the same conditions in which they were before the liquidation process began. Furthermore, the trustee reportedly offered to sell the work to Bancredito.
“In reply, Driven offered to sell the artwork back to the plaintiff. “And it merely states that the work of art was kept in the same environmental conditions in which it was before the court case began approximately a year ago,” the document reads.
Meanwhile, Judge Velez-Rive scheduled a preliminary hearing for February 9 in federal court in Hato Rey.
However, this legal action is one of the last claims submitted to court by Bancredito Holdings against Driven and OCIF.
This month, Richard E. Myers II, a federal judge for the Eastern District of North Carolina, dismissed a lawsuit filed by Bancredito Holdings for alleged failure to comply with his fiduciary duty as trustee by providing information against the trustee. financial crime network (FinCEN), resulting in a $15 million fine.
While at the local level, Bancredito Holdings was also unsuccessful before the Court of Appeals of Puerto Rico after filing an appeal for judicial review to dismiss the complaint filed with OCIF against Driven for alleged violations of the transaction agreement. . settlement agreement Between EBI and the regulator. The complaint was also dismissed last year.
The incidents escalate a dispute that Herrera Velutini has been fighting for years against the state financial regulator. Additionally, according to federal grand jury indictments, the banker is the subject of investigation by federal authorities for allegedly helping finance the political campaign of former Governor Wanda Vazquez Garced in exchange for the firing of then-OCIF Commissioner George Joyner.
A trial date has not yet been set, meanwhile Herrera Velutini and Vazquez Garced continue to deny the charges against them.
(TagstoTranslate)Banking(T)Demand(T)Art
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