SPECIAL COMMISSION CONTINUES INVESTIGATION OF MUTUAL FUND FIRMS

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP09-00956R000105640051-3
• Release Decision: RIFPUB
• Original Classification: K
• Document Page Count: 2
• Document Creation Date: December 23, 2016
• Document Release Date: August 1, 2013
• Sequence Number: 51
• Publication Date: February 13, 1973
• Content Type: MISC

i .1 I
Declassified and Approved For Release 2013/08/01 : CIA-RDP09-00956R000105640051-3
GOVE'RNMENT USE UN Li
COSTA RICA
SPECIAL COMMISSION CONTINUES INVESTIGATION OF MUTUAL FUND FIRMS
grticle; San Jose, La Nacion, Spanish 13 February 1973, p 27
Yesterday, the special legislative commission in charge of
investigating the aotivities of the American investor Robert Vesco
and the mutual fund companies operating in the country approved a
motion authorizing deputies Longino Soto Pacheco and Edgar Arroyo
Cordero to go to New York and the Bahamas for the purpose of attend-
ing the beginning of Vesco's trial scheduled for 20 March in the
city of the skyscrapers and in order to compile pertinent documents.
At the first session of the special commission, presided over
by legislator Rafael A. Valladares Mora, a motion was approved to
invite former President Otilio Ulate Blanco to appear, along with
the legal partners Fournier, Facio, and Canas, a representative of
the Costa Rican Anglo Bank, and deputies Daniel Oduber Quiros,
Jenaro Valverde Marin, and Oscar Saborio Alvarado.
The deputy who is chairman of the legislative body was asked?
because he was the author of the motion to investigate Robert Vesco
and the mutual fund companies._ The other two deputies were asked
because they had said during a session of the legislature that they
are in possession of documents having to do with the. activities in
question. The investigation of Vesco will be thorough.
At its opening session, the commission decided to provide
a 30-day period, until 12 March, for the reception of documents hav-
ing to do with the case under investigation. During its first work-
ing session, it will compile as much evidence as possible and,if
possible, will have the help of a German lawyer now in Costa Rica
representing numerous small savers who have allegedly been cheated.
The commission will have the necessary translation services in order
to carry out its duties, since numerous vitally important documents
in what has been termed the Velasco case are written in English.
and German.
Deputy Longino Soto Pacheco said that the study to be under-
taken by the commission will be so broad that from its conclusions
- 20 -
Declassified and Approved ForRelease2013/08/01 : CIA-RDP09-00956R00010564Onsi_fl
3.,
GOVERNMENT USE nNLy
Declassified and Approved For Release 2013/08/01: CIA-RDP09-00956R000105640051-3
there will emerge a thesis that will be useful for any legislative
bill concerning foreign investment in the country. For his part,
Deputy Valladares Mora suggested that at a later date, the commis-
sion could invite representatives of the Federation of University
Students, if the Federation should have documents relating to activ-
ities of the mutual fund firms.
, During their discussion of their impressions and plans of
work, the members of the commission expressed the view that the
trip of the two commission representatives to New York and the Bahamas
was absolutely essential, because "New York is the place where Vesco's
trial will take place and is the document receiving center and be-
cause for a time the Bahamas were the epicenter of the activities
of Vesco and his mutual fund subsidiary firms," said Deputy Rafael
Valladares Mora.
The commission will hold intensive meetings during the recess
of the legislative assembly on the first 4 days of each week for the
purpose of gaining as much time as possible before the next period
of special sessions.
11,4-64
CSO: 4200-S
-21 -
GOVERTTENT USE ONLY
Declassified and Approved For Release 2013/08/01 : CIA-RDP09-00956R000105640051-3