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Central Bank of Uruguay continues with the investigation into Wenance
Friday, July 5, 2024 - 12:45
BCU captura linkedin crédito BCU

The financial intermediation company, which was reported for fraud last year, had asked to suspend the process due to possible damage to a possible reorganization agreement for its clients.

At the beginning of April, the Central Bank (BCU) ordered Wenance Uruguay to cease financial intermediation activities due to the non-compliance and damages it caused to its clients. In addition, it decided to impose a fine on the company of 13 million UI (about US$ 2 million).

Days later, Wenance Uruguay requested the regulator to temporarily suspend the effects of that resolution taken on April 2.

The company argued that "given the severity of the sanction, irreparable damage would be generated to society, which would considerably compromise the possibility of carrying out any activity aimed at complying with the reorganization agreement that is being carried out with the investors."

But a resolution issued on June 27 by the Superintendency of Financial Services considered that Wenance Uruguay did not present any evidence, nor did it request the completion of any evidence aimed at demonstrating that compliance with the resolution causes “irreparable damage,” nor did it present any documentation. that certifies the scope and terms of the business reorganization agreement that is alleged to be being carried out with the investors.

Likewise, he pointed out that granting the requested temporary suspension "means admitting that Wenance Uruguay can continue carrying out financial intermediation activity without due authorization and authorization, which constitutes a departure from the duty of the Central Bank of Uruguay as regulator and supervisor of the financial system arranged by current legislation."

In the recital, it was also indicated that the suspension of the effects of the resolution “causes disturbance to the general interests and rights of third parties.”

In this context, the BCU resolved “not to give rise to the temporary suspension of the execution of the resolution” of the Superintendency of Financial Services of April 2, according to the resolution that bears the signature of the superintendent of Financial Services, Juan Pedro Cantera.

Wenance Uruguay granted consumer loans to individuals through digital means and as an alternative source of financing for this activity, it carried out credit assignments from its loan portfolio in favor of investors.

A proposal was made to investors that involved the delivery of capital on which Wenance assumed the obligation of an income expressed at a fixed rate with monthly payment for certain terms.

In the process of attracting investors, simulators were provided to calculate investment income depending on the amount, term and currency. Several clients reported non-payment of their investments.



El Observador Uruguay