PRESS CONFERENCE STATEMENT BY ROBERT VESCO

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP09-00956R000105640040-5
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 3
• Document Creation Date: December 23, 2016
• Document Release Date: August 1, 2013
• Sequence Number: 40
• Publication Date: March 10, 1973
• Content Type: MISC

Declassified and Approved For Release 2013/08/01: CIA-RDP09-00956R000105640040-5
L) GOVERNMENT USE ONLY
PRESS CONFERENCE STATEMENT BY ROBERT VESCO
COSTA RICA
/aid announcement; San Jose, La Republica, Spanish, 10 March 1973, p 27
I consider myself a law-abiding citizen, although there has been an
attempt to depict me to the Costa Rican public as acting otherwise. I am
not embittered by the attacks that have been made on me. The world being
what it is today, the success that I have achieved in business has almost
constantly exposed me to all kinds of controversy. In view of the personal
nature of the attacks, however, it was perhaps a mistake on my part to have
remained silent for so many months. My tolerance and silence have apparent-
ly been interpreted as acquiescence to those attacks. Certain individuals
have been of the opinion that my name could be used to serve their own poli-
tical or financial interests. Therefore, I believe it is my duty to put an
end to this constant assault upon my private life. The laws of Costa Rica
afford adequate protection for the victims of any damage and slander that
is perpetrated, particularly by the press. As of today, I intend to seek
legal protection in order to prevent any individuals from using my name as
a means of attacking the government or persons with whom I am associated.
Costa Rica has a well-earned reputation as a peaceful, democratic
nation exercising moderation in its expenditures. Since it lacks an army,
it can collect relatively low taxes and still offer excellent services in
the areas of education, public health and social security. Furthermore,
the physical climate is almost unbelievable to those of us who have suf-
fered the rigors of the northern winter. The people are well-mannered and
hospitable, and bear no ill will toward foreigners.
Several of its laws in recent years have revealed a desire to take
in citizens of other countries, whether as pensioners, retired persons,
educators or business people.
I fell in love with the country on my first visit; and, together
with several other associates, I requested a residence permit. We brought
our families, enrolling our children in the magnificent local schools, and
prepared to start a new life in this American Arcadia.
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I am firmly convinced that the flow of money, during the 1960's, when
it was leaving the developing countries bound for the international centers
of capital, mainly New York, in the form of direct value investments or,
indirectly, as in the case of mutual funds, should have done the reverse.
I believe that the direction for investments during the 1970's should be
that of a return to those countries, in the form of sound economic invest-
ment that would likewise produce a higher degree of sociological benefit,
contributing to the prosperity of the country and its people. Investments
of this kind offer a greater growth potential for investors, over the long
and medium term, as proven by the world's most aggressive financial insti-
tutions now employing that technique.
My proposal was misinterpreted here, and my policy of not producing
propaganda for the press, either in my own behalf or that of my business,
combined with the abuse from the press originating in the United States
and aimed against me, have been the cause of the unfavorable press I have
been receiving thus far.
Both my legal advisers and my conscience tell me that I have acted
wisely, and that I shall win the civil suit that the SEC has brought against
me; and that, in spite of any contingencies that may arise, the verdicts
handed down in that case will also be in my favor.
I am well aware that I shall be experiencing further threats of le-
gal action and criminal charges because of my attempt to protest the SEC's
designs to secure international jurisdiction, and my protest against the
press aroused by the SEC. However, I am firmly convinced that, if the in-
dividual rights of a person have been violated in this fashion by a bureau-
cratic government agency, that person must demand his rights, even though
he runs the risk of being threatened with further reprisals.
All the investments promoted by the so-called wVesco group" are
sound. They have helped several public institutions of great use to so-
ciety, as well as companies which merit support. Either directly or in-
directly, those investments have helped to create 1,000 jobs for Costa
Rican workers.
At the present time,. I am involved in further investments contem-
plated for Costa Rica, particularly in the area of low-cost housing, in
which I have a personal interest. I sincerely believe that no Costa Rican
will ever have to regret the arrival of financial groups in his country
that are always ready to lend assistance and have come to this country
with the idea of investing. That was the reason for my coming to this
country.
I am sorry to say that certain individuals have attempted to in-
volve me in Costa Rican politics, against my wishes entirely, and con-
trary to my intentions. I realize that this is commonplace in an open
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democracy such as that in Costa Rica. However, I do not wish my name nor
my business to continue being used as grist for the "political mills" of my
detractors.
The sensational articles from certain American newspapers have been
reprinted here, evoking curiosity and speculation. That kind of "trial by
newspaper" which interferes with the exercise of justice is also common in
the United States. To be sure, it is neither substantiated by the facts
nor by the charges which the SEC brought before the courts. I shall not
dignify those allegations by replying to them in the press. I shall an-
swer each specific charge at the trial, with the assurance that the final
verdict will vindicate me.
I an likewise certain that the Costa Rican courts will vindicate me
from the abuse and slander being directed at me now by those who have been
defaming me to serve their own political and economic. interests.
I did not come to Costa Rica to inconvenience anyone. I do not wish
to be the target of senseless attacks that are perhaps not even aimed at me.
I wish to express my appreciation for the many demonstrations of friendship
that my family and I have received from the Costa Ricans with whom we have
ad the privilege of associating.
2909
CSO: 4200-14
Declassified and Approved For Release 2013/08/01: CIA-RDP09-00956R000105640040-5