Book Banco Nuevo Mundo

Jacques Levy Calvo
Jacques Simon Levy Calvo studied primary and grade school at Markham College in Lima, Peru. He is an economics graduate from Oberlin College, Ohio, USA, and earned a Masters Degree in Leadership from Andrews University, in Michigan, USA. He founded and was managing director in Banco Latino and Executive President in Banco Nuevo Mundo. He also founded and is presently CEO of Los Delfines Hotel, in Lima, Peru. In 2000, Jacques Levy was accused of fraud without proof. He was excommunicated and was repeatedly threatened to be sent to jail. However, he decided to stay in Peru to pursue his struggle and press charges against the Peruvian state for having robbed his familys Banco Nuevo Mundo, and to get the information that would uncover the dark interests and the true criminals behind that theft. His 10-year old struggle evidences how absurd those accusations are. As a result of the persecutions narrated in this book, after more than a decade of litigation before Perus courts, he has been forced to give up his Peruvian nationality though he retained his French passport. Presently, Jacques is committed to research on dolphins in Peru, and devotes his spare time to music and enjoying a quiet life in Jupiter, Florida, USA, where he lives with his daughter Estrela, and Merlis and Joseph, his new family.
The contents of this book may not be reproduced, either totally or partially, without the prior written permission from the publisher. All rights reserved Assault on Banco Nuevo Mundo Jacques Levy Calvo, 2011 Author and publisher: Jacques Levy Calvo Calle Los Eucaliptos 555, Lima 27, Peru Lima, Peru First edition: 2011 10,000 copies Legal deposit at the National Library of Peru. File N 2011-08165 Printed by Lettera Grfica S.A.C Emilio Althaus 460, Lince Lima 14, Peru Lima, July 2011
Jacques Levy Calvo
ASSAULT ON BANCO
NUEVO MUNDO
The truth about the persecution against the Levy family
www.roboalbanconuevomundo.com
Foreword
On July 20th, 2010, French and American citizen Rene Levy de Levi, invoked the Peru-France Investment Treaty before the International Center for the Settlement of Investment-Related Disputes (ICSID) to file a complaint against the state of Peru for the illegal intervention and subsequent closing of Banco Nuevo Mundo (New World Bank, BNM for its Spanish acronym). The demand was lodged for 2 billion dollars or the amount decided by the court. On June 24th, 2011, that French citizen invoked also before ICSID the Peru-France First Investment Treaty to lodge a new complaint against the Peruvian state for the seizing of real estate property in Chorrillos, a Lima suburb. The demand was lodged for the amount of 2.5 billion dollars or the amount decided by the court. These contingencies are the result of the doings of irresponsible politicians and government officials who should stand trial before God and the Nation. The people do not elect governments every five years for them to abuse their position of authority, disregard the rule of law or infringe the nations constitution. Because everything that is narrated here seems so unlikely, almost impossible to believe, we link all these arguments to explicit proof for our arguments shown on the www.roboalbanconuevomundo. com website. Nothing needs to be presumed because these extremely serious facts talk for themselves. This is the proof and you can see for yourself. This book uncovers the weakness of the states institutions whose role is to ensure the law is enforced, and it also shows how those same institutions systematically disregard their responsibilities.
To my parents, Evelyne and David, for setting the example To my sister, Rene Rose, for her perseverance To my brother, Isy, for his unconditional support To my daughter, Estrela, my true treasure, blood of my blood To all young people, the dolphins of a better tomorrow To all the brave who fight for truth, justice and light
Table of contents
Prologue .................................................................................................. 13 Chapter 1 The Levys ................................................................................. 23 Chapter 2 The Bank .................................................................................. 33 Chapter 3 The Assault .............................................................................. 53 The Montesinos conspiracy ................................................... 55 SBSs Unlawful Involvement .................................................. 69 The Jewish community .............................................................. 93 Unpredictable Peruvian justice ............................................... 122 Chapter 4 The Persecution ..................................................................... 141 Chorrillos and the theft of our property ................................ 142 Chorrillos. A harmonious proposal ...................................... 155 Epilogue ................................................................................................ 162
Prologue
Prologue
In a room in the National Intelligence Service (SIN is the Spanish acronym) during the last years of the last century, the fate of many Peruvian prominent public personalities was sealed and stamped. Congressmen, State Ministers and Vice-Ministers, Prosecutors and Judges, Provincial and District Mayors, Peruvian and foreign businessmen, journalists and owners of the written, radio and television broadcasting media, show business celebrities and members of the Armed Forces visited that room in search of favor, in one of the saddest moral tragedies of our nations history. No one who boasted having any power would avoid visiting the National Intelligence Service to negotiate more power or money. Limas often frivolous elites were split among visitors to the little SIN room and those who were denied the privilege. -15-
Assault to Banco Nuevo Mundo
Prologue
All sorts of negotiations took place there. From money for moneys sake, to tailor made court decisions, through the death of bothersome political rivals and transactions to kill financial competitors who threatened the status quo. SINs visitors were not only showbiz celebrities or irrelevant beings seeking the crumbs of power, but also the figureheads of old all mighty economic lobbies for whom Vladimiro Montesinos himself was only a passing bird. The Assault on the Banco Nuevo Mundo is not a novel. There is no room for fiction here. This is the narrative and evidence of the most gruesome story of financial dispossession and persecution in Perus financial history by government officials and politicians orchestrated by powerful economic and religious groups. The following pages do not show anything that we do not already know. We do not show any new proof or evidence. Nothing of what you will read here is a secret. On the contrary, all the documents are in the public domain and some are even older than a decade. None is more important than another, because they are all proof of the events. The representations, reports, audits, letters, claims and all the information shown are just more evidence, although the events we narrate here may seem implausible. Why? Because it seems improbable that a bank, which for 8 years was managed following strict criteria of efficiency and growth and was ranked as the sixth largest in Perus banking system, earning satisfactory reports even from the Banks, Insurance Companies and Pension and Management Corporations Superintendency (SBS is the Spanish acronym) would suddenly fall into a stage of illiquidity. Because it seems inconceivable that the State, aware of a suspicious campaign of electronic mails seeking to scare savers and in the midst of a financial and political crisis, rather than strengthening our or any organization, would instead order to withdraw, in a matter of -16-
just few hours, tens of millions of dollars belonging to government organizations from the Banks deposit accounts, without further explanation. Because Banco Nuevo Mundo was about to acquire another local bank, Banco Financiero, an acquisition supported by Bank of America, from the United States, which was proof not only of its strength, but also of its decision to grow. Because Apoyo y Asociados Internacionales SAC and Class Asociados, two renowned risk rating agencies, had prepared reports demonstrating Banco Nuevo Mundos robust financial condition, to the extent the National Corporations and Securities Supervising Commission (CONASEV is the Spanish acronym) had authorized it to issue A and A+ bonds and to list it in the Lima Stock Exchange. Because after the intervention happened, an 800 million dollars worth portfolio was undervalued, and given a negative 200 million dollar transfer value, based on arbitrary criteria to discredit the value of the loans collateral, without having ever performed an appropriate assessment. Because suddenly the Bank liquidation was ordered, without calling a creditors meeting, assessing the assets value and infringing every code and law governing financial companies and organizations. Because after the liquidation and the appointment of two liquidators, a subsidiary of Banco de Crdito and Interbank, and after they concluded their job, all the information pertaining to the liquidation process was hidden, despite requests for disclosure even by the courts, and infringing the access to information law. This information is refused until now. Because a vladivideo from the end of 1999 shows Carlos Alberto Boloa Behr, then Minister of Finance, declaring word for word: small banks should merge as soon as possible and they should be -17-
Prologue
acquired, so our coffers will be filled and they will not give us more trouble, a proof of the maneuver orchestrated in the infamous little SIN room against our financial system organization. Because in 2001 and 2004, the Congressional Financial Crimes, Economy and Oversight committees pointed to serious irregularities in the Banco Nuevo Mundo intervention, despite which the Executive Branch did absolutely nothing to clarify and repair the huge damage caused. Because President Alan Garca said in August 2006 that if the Supreme Court ordered paying an indemnification for the events, the State would go bankrupt. Juan Jos Marthans Len, then Superintendent for Banking and Insurance, said likewise. Both, through their statements and initiatives, infringed the rule of law, by encouraging the interference amongst powers of the State and backing illegal government initiatives. It was not just the bank and private property that were hurt, but also the attack was escalated to harm a family that had been an example of hard work, turning them into pariahs. What happened in the last decade is serious. Facts show there was abuse and the intent to appropriate a bank property through the demolition of another greater property, a moral patrimony. The Jewish community to which we used to belong expelled us after a proceeding led by a tribunal never sought the truth and, quite the contrary, was set-up without the authority to decide, following a shameful order. Instructions had been devised by influential members of the community who were also large bank borrowers. The process was so unfair and illegitimate that it was soon invalidated by a rabbinic court from Israel, with the written backing of Mordechai Tzemach Eliyahu, Israels Great Rabbi and highest Sephardic religious authority from Israel. Israels rabbis punished the local rabbis for their foolish acts. -18-
Excommunication was followed by violence against members of our family. My nieces and nephews had to leave their school because of the rarified atmosphere that emerged. My father, the Banks founder, a respected and respectable man until he turned 85, a patriarch of his family and owner of our investments in Peru, was impeded from being buried following Jewish rituals when he died at 93. The Levy family has been morally questioned for more than a decade. We have suffered and will continue to suffer an unfair social and religious ostracism. And if that were not enough, a large 200 hectare property on Limas Costa Verde beach from, bought by my fathers company through a public all for tender from the Peruvian government for 5 million dollars in cash in 1997 and developed after receiving all required permits and authorization, was then illegally declared as intangible. By way of illustration of the damaged cause, that property is worth today between 200 and 400 dollars per square meter. President Alan Garca surprisingly declared that had been the sight of fighting during the Pacific war. Perhaps the President thought our property was located on the historical Morro Solar, now a telecommunications antenna farm, but his single statement prevented that property from being used, disposed or developed, despite having been legitimately purchased. The National Institute of Culture (INC its Spanish acronym) issued over 35 archeological non-objection certificates (CIRA as in Spanish) and Peruvian Army historians certifying this property had never been battle ground of any wars whatsoever. The opinion of specialists and knowledgeable experts appointing to the banality of such arguments was of little avail because, when the Peruvian President talks, everybody else shut up and follows orders. Curiously, while all countries make efforts to lure foreign capital or local investments, our country scares them away, punishes and attacks those who believe in the rule of law. -19-
In the last ten years, first my familys bank was taken away from us. And now, my father and my sister Rene Rose Levys property is stolen. This led to me to write this book, because such outrage cannot be tolerated. This book is the testimony of an improbable journey. Never, however, despite all that happened, did we stop having faith. Our father taught to believe in truth and always to expect justice will be done. Ten years have passed and we still stand firm. If each part is part of the crime, seeing the whole is being witness to that crime. Because as we step back from the individual events and look at the whole, when we step back to look at the entire scene, when we link the traces time cannot erase, when the outlook raises hackles, shakes us and, at times, hurts. Arbitrariness and abuse sooner or later expose human beings. Abuse always outrages. Theft, as an addition, comes from authority and power, disturbs. The infamous little SIN room was not, in all truth, where this pernicious and destructive operation started. The powers that be pulled behind the scenes, the strings of true power. They have to be uncovered because that is a moral duty. This book narrates an episode in our countrys that should have never happened, because it depicts us not as a good country but rather it debases and degrades us. Authorities and politicians must understand the State is permanent. But governments and themselves are temporary. But this book is also a new bet and for Peru because we were not defeated, nor were we destroyed, and because truth and justice shall prevail. Jacques Levy Calvo Lima, August 2011 -20-
The greatest victories are internal; the most severe judge, oneself
Jacques Levy Calvo
Chapter I The Levys
The Levys
In 1939, like millions of others, he joined the fight of the Second World War. Those were hard and uncertain years in Europe and all over the world. While in the front with the French Army, he was captured by the Germans and sent to a Stalag, a war prisoners camp, where often he was almost killed. After the war, when he was 32, he returned to France where he worked until 1950 when, shaken again by the Algerian independence war, France became one more time the scenario of a conflagration of uncertain outcome. David married my mother Evelyne Calvo in 1948 in Paris, where my sister Rene Rose was born. Soon thereafter, the three moved to Lima, where my grandparents Isaac and Rose Calvo were already living. Rafael, Isaacs brother, lived with my grandparents. Both were franc masons and very religious men. Aunt Nelly, my fathers sister, had married Mardocheo Franco, one of eight children of this Italian Sephardic rabbi. She also lived in Lima.
The Levy Family

The Levys are working people. Since our earliest childhood we were exposed at home to the world of knowledge and ideas. My mother Evelyne devoted the best years of her life to raise us. My father David was always a loving and respected role model. He taught us what we believe in while we grew up in a comfortable yet fair atmosphere. Both my parents shared a passion for music and literature. My father David Levy Pesso was born in Istanbul, Turkey, in 1913. A year after he was born, his family moved to Austria. He went to school in Vienna until he was eight, and then his family moved to Paris. There, his parents and sisters Juliette and Nelly took the French nationality. In Paris, David worked by day while he attended night classes at Sorbonne University, where he got a degree in Law, like his grandfather Jacques Levy, the son of a judge. Although he could have been admitted into the Army Officers Academy, he pursued his socialist ideals and served with the rank and file. He was always a man of honor, dedicated to noble actions. -26-
My mother, my brother and sister, and myself. -27-
The Levys
My father arrived in Peru with education and a small capital. He opened a business to sell mostly fabrics wholesale, and also went into construction. My mother also wanted to have a profession and by the age of 43, when she had finished raising us, she started studying at the Catholic University, where she earned a History degree. Isy and I were born in 1954. The three of us grew together with my father and mother in an atmosphere of enormous respect. Our education was a very important goal in my parents life. Rene Rose, my eldest sister, went to San Silvestre School in Lima and later took Political Science in Bryn Mawr College, Philadelphia, USA. At New York University in New York, USA. She studied two Masters Degrees, one in Political Science and another in Business Management. For 20 years she worked in banking in New York. She married Philippe Levi, with whom she had two children. Alexander just graduated from Harvards Law School while Elizabeth attends Amhearst College, USA. Philippe, her husband, studied at and earned a Masters Degree from Carnegie Melon, Chicago, USA. They all live in Manhattan. Rene Rose left a few years ago the competitive work environment to devote herself full time to raising her children and managing my fathers investments. She is a noble and simple mother fully committed to her family. Isy went to Markham College in Lima, Peru, where he was an honor roll student, winning gold medals for his primary and secondary school achievements. When he turned 16, he went to the United States to study Operations Research at Cornell University, and by 21 he had earned a Masters Degree in Industrial Engineering. He returned to Lima. He married Heydi Frydman. From their marriage were born Pauline and David. Heydi died in 2003 after a painful cancer. Ever since, Isy has been his childrens father and mother. Pauline has followed the steps of her father and she will soon graduate as an honor roll student at Roosevelt School in Lima. She has already been admitted at Columbia University in New York, USA. -28-
Pauline is a young woman with a huge sensitivity that touches the lives of her friends and all who meet her. Isy is a man of good and peace. I, like Isy, also attended Markham College. At school I excelled as a student and athlete. In Lima I took piano. After graduating I traveled to the United States to study Economics in Oberlin College, in Ohio, where Thomas F. Dernburg, a widely published macroeconomics author, headed the Department of Economics. I also studied music, harmony, piano, communications theory, and the arts and humanities. I then earned a Masters Degree in Leadership from Andrews University in Michigan. I am divorced and live with my daughter Estrela, in whom I have recognized a peculiar spirit of noble sensitivity. Estrela attends Roosevelt School and additionally takes piano and French classes. Now I share my life with Merlis Morales, who is from Venezuela. She holds a degree in Business Management and her son Joseph, an American citizen, also attends Roosevelt School. The four of us are a family. A family or a clan does not become thieves overnight. A family with integrity does not sacrifice it for a little money, nor does it give up its honor for a material advantage. Integrity gives you strength and is a precious gift. Our family was educated to live and grow with truth as a guiding principle in anything we do, and never with lies or hate. The Levys were, and still are, a family bound together by ideals that, far from having weakened, have grown stronger in the face of attacks. The pain caused by injustice has brought us closer together than ever before. David Levy Pesso taught us values and we have learned to live with those values and rear our heads proudly. Nothing ever crushed us because truth always defeats lies.
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David Levy Passo, my father, in French Army uniform during the Second World War. -30-
The good ones are encouraged, not eliminated

Jacques Levy Calvo
Chapter II The Bank
The Bank
The Bank
Creating a bank and succeeding in the attempt is no easy thing to do. The endeavor requires not just money but, most of all, perseverance, honesty and responsibility. But there is an additional ingredient without which the task becomes impossible: Clear rules and a State that remains independent from economic power. At the beginning of the nineties, Peru lived through a deep economic and political crisis. President Alan Garcias first term in office from 1985 to 1990 had been, to put it in a nutshell, a disaster. When Alberto Fujimori was inaugurated on July 28th, 1990, he found a country in shambles, penniless, regarded as a pariah by the international community and shaken by the Shining Path, a bloody terrorist movement, that was almost on the verge of taking over the national capital. -36-
Facade of Banco Nuevo Mundo headquarters in San Isidro. -37-
The Bank
Perus political crisis at the beginning of the nineties was peculiar. On the one hand, political parties traditionally represented in Parliament had been sidelined after President Fujimoris self-coup of April 5th, 1992. On the other, the countrys economy was crumbling. Under such circumstances, investing in a bank amounted to taking a huge risk that may compromise even ones own physical integrity. Despite such state of affairs, my father, with his childrens backing, decided to further bet on Peru. This was not our first banking experience in Peru. Despite our youth, in fact, Banco Nuevo Mundo was our second bank. In 1981, during the Fernando Belande Terry administration, we organized Banco Latino. This was a very successful bank and in 1984 we sold our 35% share to devote ourselves to building, our main business objective. This was also what we did with Frecuencia Latina (television broadcast station) when in 1985 we sold our 22% share there. These sales came at the precise right time. In 1987, during his third year in office, Alan Garca nationalized Perus banks holding the countrys entire financial system hostage. Public opinion, however, made him step back from what ultimately proved to be his administrations greatest political mistake. But the outlook changed in 1992. Despite the political crisis and terrorism, we saw an opportunity. In September 1992, after meticulous intelligence work during six months, Abimael Guzmn Reynoso, aka Camarada Gonzalo, was captured. He was the founder and supreme leader of the Shining Path. His capture dealt terrorism a powerful psychological blow. Fujimori, for whom we had not even voted, encouraged private investment. Clear rules of the game created a framework of stability for business. No influence or connections within the state apparatus were needed to do business or invest. We felt encouraged to go back into banking. -38-
Established on January 25th, 1993, Banco Nuevo Mundo was characterized from the onset by its professional approach to banking. Our organization was always flat, fast and efficient in decision-making. With a clear, even obsessive, objective to grow, we plowed back all our profits and injected fresh capital that quickly consolidated our corporate position. Agile services and competitive financial spreads lured demand. A bank is a service organization and, consequently, its biggest asset lies in its people, supported by appropriate systems, procedures and infrastructure. We were always clear about that and, logically, we recruited the best and brightest management talent who were guided by one single motto: professionalism and dedication. Under such principles, we managed to build a team fully committed to organizational development. Why did we grow? What was the secret? We did not discriminate or have personal preferences. We did not discriminate in granting out loans. Treating all clients equally and a true disposition to serve put us on the right path of growth. By purchasing Banco Pas we evidenced our intent to move into retail banking and microfinance. Peru had started to put its economy in order and we wanted to join its growth. Along that line of growth, and with a clear focus on growth and competitiveness, in 1998 we acquired Banco Pas, a Chilean bank. Banco Nuevo Mundo appeared in the financial skies not only as a strong player but also as a shining star in national banking. Small but efficient, it moved forward smoothly. Despite the Asian and Russian crises, Banco Nuevo Mundo sailed steadily through the troubled waters. Other major organizations started paying attention to us. In December 1998, at a bankers convention in Washington, senior Bank of America executives shared with us their interest in -39-
The Bank
participating in our growth by purchasing through us other financial organizations. By the end of 1999, in Quito, Ecuador, we arranged with its owners, the purchase of Banco Pichincha, that at the time was Banco Financiero de Limas main shareholder. A year later, Perus Companies and Securities Commission (CONASEV) issued a report where it confirmed our financial stability and sound patrimony. After two favorable reports from Apoyo y Asociados Internacionales SAC and Class Asociados risk rating agencies, and a meticulous review of our books that took over one year, we were finally authorized to list in the Lima Stock Exchange. Acquiring the new bank and listing our stock in the Lima Stock Exchange turned us into a major player in national banking but also, unwittingly, in an uncomfortable competitor for certain powerful groupings. We were graduating up from the ranks of small local banks, and the game and its rules had changed. What to us meant success, to others spelled danger. As we looked at the future with optimism, others did with concern. Thumbs were turned down somewhere and the scene changed abruptly.
Circular 18-panel painting decorating the Board Rooms dome.
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The Bank
Documentary Evidence
These are some of the local dailies reports on the Superintendency of Banking, Insurance and AFB companies intervention at Banco Nuevo Mundo.
Liquidity issues trigger Banco Nuevo MundoAugust and November intervention 24% of deposits loss between
Sntesis Newspaper December 6th, 2000
Sntesis Newspaper 6/12/2000
Run on deposits triggers financial entitys collapse
Banco Nuevo Mundo intervened by SBS after serious liquidity crisis

Liberacin Newspaper 6/12/2000
Liberacin Newspaper December 6th, 2000
The first victim of Governments fund withdrawal?
SBS intervenes Banco Nuevo Mundo for liquidity shortfall

Expreso Newspaper 6/12/2000
Expreso Newspaper December 6th, 2000
Banking and Insurance Companies Superintendent Luis Cortavarria says
Entity suffered serious liquidity crisis

La Repblica Newspaper 6/12/2000
La Repblica, December 6th, 2000
More information at: www.roboalbanconuevomundo.com
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The Bank
Extract from report prepared by economists Carlos Adrianzn and Ivn Alonso on BNMs liquidity position. This chart is public information provided by SBS. It shows several banks had lower liquidity ratios but were not intervened. Why?
2. BNMs liquidity compared to other banks. The main cause of the liquidity issues faced by BNM was the drop of total deposits, which from July to November 2000 fell 26% (partly, as was mentioned, because of government funds withdrawal.) This, however, was not an isolated event. Other banks experienced similar and even deeper falls over that period. Table 4 shows the total deposits balance by quarter between February and November 2000, as a portion of the total balance at the end of February 2000.
TOTAL DEPOSITS INDEX, YEAR 2000 FEBRUARY 2000 = 100.00

February May August November
Table 4:
BNM and system liquidity.
BNM and system liquidity.
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The Bank
Roque Benavides, President of CONFIEP at that time, and Julio Velarde, former BCR Director and its present Chairman, discussed BNMs intervention. Many business leaders and financial experts shared their surprise at the intervention, given BNMs healthy financial position.
Lack of political will to strengthen the economy

May hurt the banking systems standing, said COMEX Per. CONFIEP thinks Banco Nuevo Mundos intervention rushed.
Correo newspaper 9/12/2000
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The Bank
Expreso
Velarde: Leadership lacking in financial sector
Economist and former Central Reserve Bank Director Julio Velarde said Peruvian Banking System Authorities showed lack of leadership and failed to fulfill their mission because they should have prevented the closing of Banco Nuevo Mundo. He said that Superintendency of Banking and Insurance Companies information reveals the institution was solvent and was simply going through a period of liquidity issues. They only had a liquidity issue. There was no reason to close the Bank. I think government agencies did not fulfill their role appropriately. Leadership was lacking to address the issue, he said. He further said the Central Reserve Bank (the lender of last resort), COFIDE and the Banco de la Nacin failed to fulfill their role. Velarde said traditionally when a bank faces major liquidity issues, the Central Banks role is to be the lender of last resort. In other words, financial organizations facing liquidity issues may resort to the Central Bank. If the bank is pronounced healthy and solvent (as apparently was the case here), the Central Bank should support it. He added a past Supreme Decree could have been applied to continue a bond program (as in December 1998) as only about half of the available 160 million dollars had been used.
Government Support
Velarde said other banks are in a similar position as Banco Nuevo Mundo. So, Government should have announced its support for banks facing liquidity issues. He said that so far the Ministry of Economy and Finance has sent signals in the opposite direction, by announcing it will increase the banks minimum capital requirements. The new Mergers Law leads to think MEF thinks small banks should go out of operation. I think (Minister) Silva Ruete has sent some bad signals because he has prepared a draft law to increase the banks capital, and also for a new Mergers Law, as if small banks should be slated for extinction, he added.
Expreso newspaper 8/12/2000
Expreso Newspaper, December 8th, 2000 -49-
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The Bank
Kurt Burneo Farfn is an economist. He holds Master Degrees from Sao Paulo University and Perus Catholic University and a Ph.D. from Ramon Llull University ESADE. During Alejandro Toledos administration, he was Perus Vice minister for Finance, Chairman of the Board at Banco de la Nacin and Board Member of Perus Central Reserve Bank. He wrote this column in La Repblica a few days after the intervention.
By Kurt Burneo Farfn Government Funds, Banks and Transparency An economic news item that has raised speculations is the SBS intervention at Banco Nuevo Mundo, Tuesday 3rd. It is true that organizations is a supervised bank by law and the intervention was triggered by its failure to pay US$ 9 million worth of liabilities to the clearance house. Is this an isolated problem? In fact, liquidity issues in the banking system deserve attention. They are the consequence of the transfer of state owned companies funds to the public treasury. Between August and November 15th, private bank liabilities with the government fell US$ 237 million. Simultaneously US$ 257 million worth of private deposits were withdrawn as a result of political uncertainty. An interesting fact to be examined is under whose orders and criteria the National Fund for State Business Activities (FONAFE) determines the pace and amount of withdrawals from private banks (overall, Government has deposits in banks totaling almost US$ 2.5 billion). Deposits are withdrawn only as they become due? We should recall that by September in at least 7 banks 30% or more of deposits were government funds (at Banco Nuevo Mundo they totaled 39.75%). Ultimately, the survival of these banks depends on the decisions made on how those Government deposits are managed. It is true liquidity issues led the Central Bank to provide re-discounts (i.e. liquidity loans) over the last four weeks, principally in dollars. This had not happened since December last year. Against this background also, two weeks ago government passed a number of measures to encourage banks restructuring, while simultaneously the Central Bank issued regulations on the legal deposits required for mergers and provision of guarantees to warrant re-discounts. We think there are some alternative options like increasing COFIDEs credit exposure against the banks liquid assets; restructuring FONAFE funds management, or having the Banco de la Nacin deposit its surplus balances in those banks. All these measures were aimed at preventing foreseeable banks liquidity and solvency issues, but they are only part of the solution because present bank difficulties simply reflect the recession in the economys real sector. Although this is the general picture of banks at the moment, the intervention at Banco Nuevo Mundo requires detailed official government explanations. When the Bank was intervened, it had already joined the financial systems consolidation program. Another bank was interested in acquiring Banco Nuevo Mundo. Subsequent to the intervention, two other banks may have shown interest in acquiring the intervened bank. If there was at least one bank interested in acquiring Banco Nuevo Mundo, why didnt the Central Bank continue to provide rediscounts, given that on the day of the intervention BNM had provided guarantees worth US$ 15 million, though the Central Bank accepted only US$ 1.5 million. Clearly, this led to the default on the repayments and the subsequent intervention, but also made the value of the Bank experience a significant discount from the viewpoint of the banks interested in purchasing it. We think the Central Banks decision as well as the way the government deposits are managed merit an explanation from the corresponding authorities, taking into account that restoring the agencys credibility requires transparency in whatever decisions are made.
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The Bank
After an exhaustive analysis of BNMs strength, the Companies and Securities Supervising Commission (CONASEV) issued a resolution authorizing us to list our stock in the Lima Stock Exchange. BNM was a strong bank.
Management Resolution N. 057-2000-EF/94.50

Article 4.- Registered in the Securities Market Public Registry Class A and B shares issued by BANCO NUEVO MUNDO representing the companys capital. Article 5.- Send this resolution to BANCO NUEVO MUNDO, the Lima Stock Exchange and CAVALI ICLV S.A. To be registered, distributed and published.
JOSE LUIS SALAZAR MARIN, MANAGER ISSUERS AND COMPANIES DEPARTMENT
TRANSFER N. 249 Date: December 4th, 2000 Messrs. BANCO NUEVO MUNDO This copy is the Official Transfer Signature - Ada Constantino Fernndez Secretary General
CONASEV Resolution 4/12/2000

CONASEV Resolution December 12th, 2000

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The Bank
Apoyo Consultoras report on outstanding rating demonstrating BNMs strength,
Apoyo y Asociados Internacionales S.A.C. September 2000 report.

Apoyo y Asociados Internacionales S.A.C. September 2000 report.

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The Bank
Evaluacin de Class y Asociados S.A. Set. 2000
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The Bank
Statements by Superintendent Cortavarra before the Congressional Economy Sub-committee. Cortavarra initially recognizes the BNM acquisition and accepts he would not authorize it unless the banks increased its capital. If the transaction had been accepted immediately, the financial panic would have stopped, as well as the run on the bank. Moreover, CONASEVs authorization for December 4th, 2000, would have allowed increasing the Banks capital at the stock exchange. However, Cortavarra arbitrarily ordered intervening the Bank on December 5th, 2000, thus stopping the capital increase he had requested. Isnt that peculiar?
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The Bank
Preliminary Evaluation for the Merger of two Banks

(Preliminary version. Subject to debate) Prepared by Apoyo Consultora
Report by Apoyo Consultora supporting the merger of BNM and Banco Financiero
Report by Apoyo Consultora supporting the merger of BNM and Banco Financiero
Extract of confirmation, dated December 1st, 1999, of the contracting of Bank of America as representative and financial advisor for the acquisition of Banco Financiero.
Extract of confirmation, dated December 1st, 1999, of the contracting of Bank of America as representative and financial advisor for the acquisition of Banco Financiero.
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Dont just try to look better, do your best to be better

Jacques Levy Calvo
Chapter III The Assault
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The Montesinos Conspiracy

Vladimiro Montesinos was one of the countrys most powerful men in the 1990s. From presidential advisor he rose to become the de facto head of Perus National Intelligence Service, where he turned into a nefarious political operator. His offices were visited by many to talk politics and business, or to plot some corrupt scheme. Obsessed by espionage, Montesinos systematically recorded on video tape hundreds of private meetings, many of which were devoted to discussing illicit affairs. In September 2000, when Alberto Fujimori had already been elected for a third term in office, a video clip was disclosed showing Montesinos personally handing over wads of bank bills to Per Posible political party congressman Alberto Kouri in exchange for crossing party lines and voting in line with Montesinos instructions. The release of the video triggered a huge political crisis in Peru and eventually led to the fall of Alberto Fujimoris administration and the caretaker government led by Valentn Paniagua. -66-67-
November 1999, Carlos Boloa and Vladimiro Montesinos surrounded by the military clique, in the little SIN room.
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An enormous corruption network was unveiled that ultimately resulted in the processing and subsequent imprisonment of Fujimori, Montesinos and several dozen politicians, government officials and members of the armed forces for crimes ranging from government officials corruption to drug dealing, through arms sales and murder. After his capture, Montesinos said he had over 30 thousand undisclosed recordings featuring powerful people and politicians. These video clips, he said, were an insurance policy to protect his and his familys lives. The video clips were transcribed by experts and published by the Peruvian Congress Publishing Office in six volumes called In the Corruption Room. Video and Audio Recordings by Vladimiro Montesinos (1998-2000). Published in 2004, the first volume of this compilation mentions in its general introduction a fact of singular importance: Actors in the vladivideos are many and include both government officials and private individuals. The reader will find among the visitors to the infamous SIN little room business tycoons, with Dionisio Romero to begin with, and the owners of major media, in particular private television moguls. But they are not the only ones. Other scenes show high ranking armed forces officials, judges, ministers, advisors and politicians from various persuasions. We find here a very broad range of political actors and private players enveloped by central power in a large scale illicit operation. To various degrees, most of Vladimiro Montesinos Torres interlocutors were asked to support efforts to reelect Fujimori in exchange for private favors. Their cunning shows corruption happens through the interaction of political and economic power acting for private benefit.
After stepping down as Chairman of Banco de Crdito del Per, BCP, in April 2009, Dionisio Romero talked as follows about Montesinos in an interview with El Comercio newspaper. Do you regret having visited Montesinos in his office? No. Do you think it was right? I was there for a specific issue. I regret that visit because of all the problems it created for me, but a client needed help. They were harassing him and closing his factories. And in this hallway just outside that door, Raymundo Morales told me: You have a connection with Vladimiro. You can get that favor. And I said: Of course. I will do it for the bank. Did you have a connection with Montesinos? Yes, because of Palmas del Espino. And because he wanted to establish a relationship with me. Did you talk at the time? He called me, but rather to talk about the war with Ecuador. He called Arturo (Woodman) and me. He didnt talk about anything else. He had a very straightforward relationship with me. El Comercio, April 5th, 2009.
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Ibrcena, Jose Villanueva, Elesvn Bello and with Vladimiro Montesinos, Dionisio Romero made the following statement, as reported verbatim in the publications of the Congress Anticorruption Library: When Jorge Camet was minister, he managed the ministry. I mean, he gave the instructions and pulled the strings everyday for things to happen. Now, with Vctor Joy Way as minister, I dont have any influence. He may want to do something but he cant or he doesnt have the advisors or secretaries to give orders to get things done. Thats why Im terribly concerned. We are only one year from elections, less than one year, 11 months only, and we are not taking the measures to restart the economy that will give the President an additional five, six or seven percent. That would be a good precedent. Volume I, page 151. Mr. Dionisio Romero.- Can we revisit an unlikely scenario where Andrade leaves behind his ambitions so we can have a more certain winner in 2005, compared to the unlikely certainty of winning in 2000? Do you think if I talk to Javier Silva Ruete about this issue? I do it because were good friends, but he will reply: No, not in the first round, unless he is given the Ministry of in Fujimoris cabinet. Vladimiro Montesinos.- Silva Ruete? Dionisio Romero.- Yes. Vladimiro Montesinos.- As Minister of Economy? Dionisio Romero.- I dont know. Vladimiro Montesinos.- We can give him a ministry. Dionisio Romero.- If you give him If you promise him a cabinet position, if its the Ministry of Economy, I think he would desert Alberto right now. Volume I, page 168. -70-
On November 26th, 1999, Carlos Boloa who was Minister of Economy at the time, met General Bello, Almirante Ibrcena, Samuel Winter and Vladimiro Montesinos. The following conversation took place: Carlos Boloa (CB): We have to find where to give him money. Not as a gift, because eventually that doesnt last long. I think thats important. And make sure they dont go under the banks fall was foreseeable. Winter Zuzunaga: I was already checking. I had But I called, so because I have to give CB: Dont touch the banks, because that makes people nervous. Vladimiro Montesinos: We just have to leave them so, quiet. Dont touch the banks. CB: I the sooner the smaller banks merge, the better. Let them get together and somebody can buy them. Lets keep the broad shouldered banks and they will not give us any trouble. Volume 4, page 2261.
Does this conversation prove anything? Not necessarily. What matters is that as these conversations took place, other more specific events were taking place. On July 28th, 2000, Carlos Boloa was sworn in as Minister of Economy. He appointed Luis Cortavarra Checkley as Bank Superintendent. The relation between the two was not new. On June 24th, 1992, the National Reconstruction Government led by Fujimori with Boloa as Minister of Economy had appointed -71-
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Cortavarra to the same position. Before that, Cortavarra had had a private working relationship with Boloa. In August 2000, the financial system was in dire straits because of the political uncertainty created by President Fujimoris attempts to get reelected a third time. However, Banco Nuevo Mundo was a sound and renowned bank and the sixth largest in the financial system. Its equity figures matched those appearing in the December 31st, 1999 balance sheet audited by Price Waterhouse, for a total 72.3 million dollars. Other figures demonstrated the Banks health: Normal portfolio: 79.1% vs. 63.8% system average. Doubtful portfolio: 8.8% vs. 16.1% system average. Past due rate: 8% vs. 15% system average. Its important to underscore SBS usually inspects banks once annually. It had visited BNM in the first half of 2000. Its findings were satisfactory. But between August and October 2000, SBS inspected BNM again and found its provisions insufficient. This was a debatable finding but, at worst, the gap could have been filled by reducing the Banks equity by a few million dollars. In September 2000, the Banks shareholders increased its capital by 7.5 million dollars, including a 2.5 million premium which further strengthened the Banks equity. That same month, Apoyo y Asociados Internacionales SAC, a risk rating agency, awarded Banco Nuevo Mundo its B rating while its financial instruments received A and A+ ratings. In October 2000, the Government of Peru withdrew its deposits from the so-called small banks. In November 2000, Arthur Andersen concluded its due diligence of Banco Financiero, and the details were finalized for its acquisition by -72-
Banco Nuevo Mundo with support from Bank of America Security. Also that month, a suspicious e-mail campaign triggered panic about an inexistent Banco Nuevo Mundo insolvency after SBSs long and bizarre inspection visit to our organization. Also that month, the Perus state-owned second tier bank, the Corporacin Financiera de Desarrollo S.A., COFIDE, asked to be returned the portfolio of loan collaterals and Banco de la Nacin withdrew its support to Banco Nuevo Mundo. Meanwhile, the Central Reserve Bank (BCR) refused to re-discount the Banks portfolio, although it was still below the legal limits. In sum, a gun was pointed against our heads, and the countdown started. Curiously enough, other banks that were in truly bad condition received a very different and more benevolent treatment. On November 22nd, Valentn Paniagua took office as President of Peru and Javier Silva Ruete was sworn in as Minister of Economy. Luis Cortavarra remained as Banks Superintendent. SBS blocked then the acquisition of Banco Financiero, which would have demonstrated the strength of Banco Nuevo Mundo and halted the mysterious financial terrorist campaign unleashed by mysterious hands and fueled by the Government itself. Why wasnt that financial terrorism stopped, instead of blocking our acquisition? On December 4th, 2000, CONASEV the Companies and Securities Commission after examining our financial stability and strong equity position, authorized Banco Nuevo Mundo to list in the Lima Stock Exchange. On December 5th, 2000, SBS intervened Banco Nuevo Mundo, arguing BNM was no longer supported by the Central Reserve Bank Compensation Fund, because of insufficient liquidity (sic). The Bank, which my father had helped to create with much effort and love, was being robbed under our own noses. Strangely, other banks -73-
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that were worse liquidity problems were not touched and are still operating. In August 2000, I talked to Manuel Custodio, an official who had previously been with Banco Wiesse, then with Banco Sudameris and finally at SBS under Martn Naranjo. Manuel told me: I have been told there is an SBS plan to take your bank away from you. I didnt believe him because our Bank was financially healthy and I couldnt imagine they would try to sideline us. I was wrong. The attack not only went on but was devastating. When the Paniagua caretaker administration was over and Alejandro Toledo was sworn in as President with Pedro Pablo Kuczynski as Minister of Economy, Cortavarra strangely kept his position as Bank Superintendent. Strangely enough, Cortavarra held on to his position as a political appointee through three different administrations and economy ministers, until he signed the fraudulent liquidation resolution and finally left his post. The SBSs resolution liquidating Banco Nuevo Mundo was anomalous, illegal and fraudulent. Figures were transformed and reality altered. After its last inspection visit, when they stayed in our offices for two months, the SBS reported a debatable provisioning deficit for 18.8 million dollars. When the Bank was put out for liquidation, the presumed deficit had risen to 217 million dollars. These two extremely different figures were produced in a very short time, with the apparent single objective of blowing up the results and warrant the assault on the Bank. The real motivation became even clearer when we were denied by every possible means the information about that liquidation. Such secrecy was obdurate and tenacious. Even though a court had ordered delivering the information after Nuevo Mundo Holding S.A. (NMH) won an Habeas Data appeal before the Constitutional Court, SBS refused delivering it resorting to all possible arguments. Why the refusal to disclose how the liquidation took place and its details? -74-
Who bought or kept the banks portfolio and at what price? Why did SBS pay millions of dollars worth of legal fees to file appeals and refuse disclosing information to which we all have a right? Interbank and Crdito Banks, the latter through Consorcio Define, Dirige y Soluciones en Procesamiento S.A., were appointed as BNMs liquidators. Consorcio Define S.A. Dirige S.A. y Soluciones en Procesamiento S.A., meanwhile, appears as a passive financial system company. As soon as they started to perform their very convenient role, Interbank and Crdito liquidators started another business; they distributed the Bank piecemeal among them together with its clients, savings and equity. The details of this liquidation have not been disclosed until now. why?
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La Repblica
Banco de Crdito may absorb Nuevo Mundo and NBK Portfolio
Financial System Collapse Discarded

Banco de Crditos General Manager Raymundo Morales discarded the financial system might collapse due to two isolated interventions in recent days. The senior executive did not discard interest by Banco de Crdito in absorbing some of the heavy portfolio of the two intervened banking entities. However, he said that will depend in Banco Nuevo Mundos case on the outcome of negotiations underway with to foreign banks. We are very interested in absorbing a significant portion of Nuevo Mundos portfolio, but this would depend on talks underway with international entities, he added. Asked by journalists whether the stability of the local financial system was jeopardized, Morales confirmed the strength of the banking system and its high level of liquidity, which assures banking organizations will continue with their business without significant difficulties. He said the declarations of illiquidity of the so-called small banks are isolated cases that are worsened because of a misinformation campaign. Something similar could not happen to other banks because they have very strong liquidity and are backed-up by available foreign credit lines that guarantee our stability, he underscored. The executive of Perus largest bank said that Nuevo Mundo and NBK bank interventions do not reflect the actual condition of the entire banking system but rather the atmosphere of nervousness created by recent political events. Morales said the issue is that small banks have diversified their products instead of specializing in an specific sector. In many cases this has lead them to focus on placing loans rather than racing deposits, which is the basic reason why some of these entities have failed, he said. Regarding multiple banking, he said that despite difficulties caused in recent months, the heavy portfolio has been cleaned up. He said he did not foresee any more cases similar to the intervened banks. Morales made these statements at a press conference to launch their new Va BCP product. He summarized the products accomplishment, strategies and partnerships on the web. Fernando Dasso, the Banks e-trade manager said 56,500 costumers had carried out 1.3 million banking transactions monthly; 22 thousand clients are connected to internet Va BCP, six thousand Va BCP cards have been placed in markets and 2.6 million web pages are visited every month.
More information at: www.roboalbanconuevomundo.com More information at: www.roboalbanconuevomundo.com
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An example of the flood of e-mails that spread rumors about BNMs bankruptcy and illiquidity. No authority, whether financial or police, could explain the origin of this obscure internet campaign.
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And if you fail, let God and the nation judge you
Extract from the public officials pledge for taking office.
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SBSs Unlawful Involvement

SBS performs very important roles: It is the organization charged with regulating and overseeing the financial, insurance and private pension systems Its mission is to protect the public interest, overseeing the stability, solvency and transparency of the systems it oversees Such definitions appear on the SBS webpage but, in this particular case, it seems logical to wonder what role it actually plays, and whether it indeed has preserved or protected the public interest by creating stability, solvency and transparency. To understand its role in this process, we must learn about the Bank and Insurance Superintendent, who appointed him and what interests may have been behind his behavior. Luis Cortavarra was appointed by Carlos Boloa as soon as the latter took office in July 2000 in his second term as Minister of State for Economy. His appointment lasted from the end of Alberto -83-
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Fujimoris administration through Alejandro Toledos government with a term under the Valentn Paniagua caretaker administration inbetween. He worked directly under the orders of Ministers Boloa, Silva Ruete and Kuczynsky. His appointment by Congress where the majority had been elected or bought by Fujimori and Montesinos was not objected despite a three member shortlist to choose from, as appropriate for an appointment of this type. Boloa ordered and Congress approved. Thats when Cortavarra joined the operation. Cortavarra certainly was one of the most important pieces in the BNM process. He ordered, as we mentioned in the previous chapter, a second and unusual inspection visit that lasted 63 days. Information leaked during the intervention created a perception of weakness at BNM that spread throughout the system, and which was further aggravated by a wave of rumors and a campaign of electronic mails of unknown origin that was never investigated and about which the Ministry of Economy did absolutely nothing. False information and tendentious rumors created a perception of insecurity among saviors and had as a consequence a run against the Banks funds. Its worthwhile remembering that public opinion was absorbed by the broadcasting of the vladivideos that had started to reveal the size of corruption under Montesinos and the government to which Boloa and Cortavarra had pledged their allegiance. As if that were not enough, SBS blocked the acquisition of Banco Financiero, although the transaction was backed by Bank of America and demonstrated BNMs true strength. In one of his last directives as Finance Minister, Boloa ordered to withdraw a total 850 million soles of State money from the financial system. On November 24th, 2000, Boloa left the Ministry in the midst of a serious political crisis and accusations against Montesinos. After -84-
President Fujimori sent his resignation by fax, Boloa left behind a road map that was carefully followed by the Minister of Economy of the incoming administration. Javier Silva Ruete, the brand new Minister of Economy in President Valentn Paniaguas caretaker administration, suddenly signed, on the same day he was sworn in, Emergency Decree 108-2000/EF authorizing a non-reimbursable bond issuance worth 400 million dollars. How could he sign such an important legal provision only a few hours after he was sworn in, without taking the time for a serious review? Why should certain reports, if any, be taken seriously to support the Emergency Decree enacted in the midst of an unusual government transition? How can such a transcendent Emergency Decree be drafted, and its authorship be claimed, only a few hours after accepting a Minister position? In truth, this decree just followed orders to separate good banks from bad, and thus undervalue a portion of BNMs patrimony through the guise of a presumed lack of provisioning reaching 217 million dollars that was decided through arbitrary valuations. At worst, they could have been covered by a bond issue. How did the undervaluation happen? In its second inspection visit, SBS reclassified the Banks portfolio and determined an 18.8 million dollars provisioning deficit. If that had been true, SBS could have proposed, as is usual in these cases, to allow some time to correct the presumed deficit or, at most, order it to reduce its shareholders equity, which at any rate would have remained much larger than at other banks that were never touched. At the time of the intervention, BNMs capital exceeded 72 million dollars. A few after the Bank was intervened because of the liquidity shortfall created by financial panic, Silva Ruete appointed, in March 2001, his own party member Aurelio Loret de Mola from SODE, so he would, -85-
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in addition to his position as Chairman of COFIDE, also to chair the Special Commission for Corporate Reorganization (CEPRE, in Spanish), charged with Banco Nuevo Mundo and NBK Banks transfer to other banks in the financial system. The CEPRE decided to transfer a block of shares to Banco Interamericano de Finanzas (BIF). They retained Arthur Andersen and Price Waterhouse to assess BNMs portfolio. Years later a court reported the assessments were never made and, instead, the transfer followed arbitrary instructions from the seller (SBS, the intervened Banks receiver) and the buyer (Banco Interamericano de Finanzas). SBS concealed the assessments during four years of court proceedings, until the Constitutional Court ordered to hand over the information through an Habeas Data ruling favoring Nuevo Mundo Holding S.A., thus uncovering this act of the farce. The Habeas Data decision disclosed the liquidation resolution from October 2001. It denied that according to Pricewaterhouse and Arthur Andersens valuation, a 217 million dollar deficit existed. In fact, the valuation never took place and there never was a 217 million dollar provisioning shortfall. The reports were used to warrant the urgency of injecting 200 million dollars of State bonds to an already valuable BNM portfolio. The bounty was BNMs portfolio plus bonds worth 200 million dollars. BNMs portfolio was degraded against all international accounting standards by increasing the provisioning shortfall deficit from a questionable 18.8 million dollars to a staggering 217 million. In 25 days after the December 5th, 2000 intervention, the Banks patrimony dropped from 72 million dollars to zero. Without capital, we were no longer shareholders. The theft had been perpetrated. These accounting machinations were compounded by other equally illicit maneuverings. Rodrigo Elas & Medrano Law Firm suspiciously -86-
offered us their assistance for us to adapt to the Emergency Decree. We were immensely surprised their client BIF was also pressuring us to sell. To us, the conflict of interest was obvious. To them, there was none. We know today SBS had retained Rodrigo Elas & Medrano Law Firm to protect them against my sisters filing before ICSID. Moreover, Jos Javier Tam Prez, a member of that law firm, is Felipe Tam Foxs son. Since March 2007, Tam Fox has been the Banking and Insurance Companies Superintendent. However, the relationship does not seem to pose a conflict of interest to anyone, nor is it regarded as an ethical or moral impediment. SBS broke procedures, laws and norms, because: - The intervention was arbitrary (a report by economists Carlos Adrianzn and Ivn Alonso showed there were several banks whose liquidity ratios were lower than ours). - Emergency Decrees created temporary regimes, in violation of the Banking Law. - Risk rating rules were broken because the SBSs internal risk classification did not match the ratings they awarded other banks. - nternational accounting standards were violated. - The liquidation resolution was enacted without previously calling a creditors meeting, as mandated by the Law and without previously having assessed the entire liquidation mass. - Precedence of payment was broken because foreign banks were paid first (although they ranked fourth in precedence). - Information was hidden, violating the right to information and the transparency law, among others. SBS holds the details of such liquidation are Secrets of State and Banking Secret. - SBS was in permanent contempt of the Judiciary because: - It failed to comply with a Supreme Court injunction ordering to stop the liquidation. - It failed to comply with a Superior Court decision that reinstated us as shareholders. - It did not follow a mandate from a first instance judge ordering, -87-
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in line with the Constitutional Court ruling to deliver liquidation information. SBSs strategy was always the same: to disobey court orders while they challenging them in another courtroom. What this shows is the weakness of the institutions with total disregard for technical criteria and that some powerful individuals can command or prevail by the mere fact they hold political power. It is also important to underscore that during the Fujimori, Paniagua, Toledo and Garca administrations, the assault against BNM, rather than being corrected, was actually aggravated. During the past 11 years, the ministers of economy have acted in complicity, in some cases, or with leniency, in others. Carlos Boloa, Javier Silva Ruete, Pedro Pablo Kuczynski, Fernando Zavala, Luis Carranza, Luis Valdivieso and Ismael Benavides have been actors who, with various degrees of responsibility, acted to consolidate the attack. During the key period from December 5th, 2000 to June 23rd, 2001, that is, from intervention to liquidation and through three administrations, Cortavarra mastered the stage. He remained in his key political position through three successive administrations. Marthans and Tam, his successors, did not correct the assault but rather pushed it further by retaining law firms that for millions of dollars fees concocted new arguments and legal tricks to slow down, confuse and hide evidence from the scene of this financial crime. As if that were not enough, two General Comptrollers, Gerardo Matute and Fuad Khoury, never explicitly supported the Government, which because it already held funds in the liquidated portfolios, was dramatically hurt. Each of them was sent notices explaining the details and existing documentary evidence but no response came back from either. -88-
As was only logical, we also resorted to our trade association. However, several meetings with senior members of Perus Bank Association (ASBANC) at various stages, proved useless. Such arrangement of powers is not only undignified but shameful. Authorities appointed to enforce the law mock the rule of law and share in a manner of acting that is clearly inappropriate. Although SBS is an independent agency, in practice it reports to the Ministry of Economy for policy enforcement. Therefore, it is impossible not to attribute direct responsibility to ministers Silva Ruete, during whose term the intervention took place and to Kuczyncski, who placed BNM under liquidation. Both had to know what Cortavarra was doing, and most of all the illegal nature of his acts, which they nevertheless validated. Not less important is what happened, for instance, a few months later, also regarding the liquidation and the liquidators. Interbank took over the liquidation of BNMs lease portfolio. At that time, Ismael Benavides was Interbanks General Manager and Fuad Khoury, who worked at BNM signing the balance sheets during the intervention and liquidation, was appointed to a position of trust also at Interbank. However, Khourys resum published in the General Comptrollers Office website, does not record his professional passage through BNM. Is this a simple mistake? Did they forget to mention it or is there a wish to conceal a revealing and uncomfortable link? Under the Garca administration, Khoury and Benavides once again joined the same team.
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SUPREME RESOLUTION N 534-2000-PCM appointing Javier Silva Ruete as Minister of Economy, dated November 25th, 2000. The documentary evidence on the next page shows Emergency Decree N108-2000/EF was signed on November 27th. This latter decree created the Financial Systems Consolidation Program to allow the reorganization of multiple operation banks. Is it possible that after the fall of a corrupt government, the new Minister of Economy, that calls itself a part of a transparent administration, would sign such an important law that uses 400 million dollars of public money without allowing prudential time for evaluating that measure? Who placed this draft law on his desk? Why did he follow a plan devised by others? What was his interest?
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Emergency Decree N108-2000/EF published on November 28th, 2000 in the Official Gazzette El Peruano creating the Financial Systems Consolidation Program to facilitate the corporate reorganization of multiple operation banking companies.
Ms informacin: www.roboalbanconuevomundo.com
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Although the first inspection revealed a deficit amounting to S/. 3,947,000, in January 2000, the second visit after only six months of operations reveals a strange provisioning deficit reaching S/. 65,690,000 (US$ 18.8 million). Since the Banks equity amounted to 72 million dollars, even if the provisioning deficit totaled 18.8 million dollars, this would not be a serious issue. The scandal though is that when SBS took over BNMs management through the intervention, a new and illicit valuation increased the 18.8 million to 217 million dollars. SBS found an 18.8 million deficit and a few months later increased it to 217 million. In fact, that deficit never existed and the 217 million dollars shortfall that the SBS does not want to explain was actually made up by the liquidators.
First visit report No. A-028-VI/2000. Beginning date: January 17th, 2000 and ending date February 18th, 2000. More information at: www.roboalbanconuevomundo.com
First visit report No. A-028-VI/2000. Beginning date: January 17th, 2000 and ending date February 18th, 2000. More information at: www.roboalbanconuevomundo.com
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Second visit report No. A-168-VI/2000. Beginning date: August 11th, 2000 and ending date October 13th, 2000. More information at: www.roboalbanconuevomundo.com
Second visit report No. A-168-VI/2000. Beginning date: August 11th, 2000 and ending date October 13th, 2000. More information at: www.roboalbanconuevomundo.com
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SBSs liquidation resolution shown below and dated October 18th, 2001, mentions the evaluation performed by Arthur Andersen pointing to a 217 million dollar provisioning deficit. However, the Arthur Andersen document shown at the top of the following page mentions the procedures enforced do not amount to (ii) an assessment of the Banks assets and liabilities Clearly, SBS put on a farce.
SBS Resolution 775-2001, dated October 18th, 2001 More information at: www.roboalbanconuevomundo.com
SBS Resolution 775-2001, dated October 18th, 2001 More information at: www.roboalbanconuevomundo.com
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Arthur Andersen letter, dated October 15th, 2001
Arthur Andersen letter, dated October 15th, 2001 More information at: www.roboalbanconuevomundo.com More information at: www.roboalbanconuevomundo.com
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Letter sent to the Comptroller of Peru Genaro Matute by Javier Velsquez Quesqun, Chairman of the Oversight and Control Committee of Congress. This letter was never replied.
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Letter sent to the present Comptroller of Peru Fuad Khoury by Mr. Jacques Levy. This letter was never answered.
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Sample of the BNM General Financial Statement signed by then BNM Manager Fuad Khoury.
Fuad Khoury Z. Manager Edgar Choque de la Cruz General Accountant

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The present Comptroller General of Peru, Fuad Khoury, worked for BNM for many years but, strangely enough, he does not include his work there in his Curriculum Vitae. Why?
Office of the Comptroller General of Peru
List of Comptrollers
A registered Public Accountant with a degree from Universidad de Lima and graduate studies from Universidad de Piura and the Graduate Business Administration School ESAN and many courses and seminars on accounting management, finance and management in Peru and abroad, Khoury has over 25 years of experience in financial and administrative control for large companies. He has designed and put to practice world class management modules and practices, as well as governance initiatives that create value for leading companies in various industries. He has ample experience in strategy management and organizational alignment, and in developing tools for measuring performance and control of administrative, financial, commercial, accounting and tax management. He has been auditor, comptroller and strategic planning and management control manager for various local and international organizations, including Corporacin Petrolera SAC, Interbank, Banco Wiesse Sudameris, Antamina Mining Company EDELNOR, CITIBANK N.A. Lima, Peru office, Coleridge and Associates (Arthur Andersen Representative), where he has reached significant goals in corporate strengthening and management results. He was appointed as Comptroller General of Peru for the 2009-2016 period by the Congress of Peru.
Fuad Khourys Curriculum Vitae published in the Office of the Comptrollers webpage. Fuad Khourys Curriculum Vitae published in the Office of the Comptrollers webpage.
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This is just a sample of the SBSs (an Executive Branch agency) reluctance to comply with court orders. SBS failed to comply with the Supreme Courts precautionary decision to stop BNMs liquidation. AV-473-2001-D PRECAUTIONARY MEASURE RESOLUTION: ONE Lima, June 21st, 2004 IN VIEW OF THE ABOVE, pursuant to articles six hundred eleven and six hundred eighty-two of the Code of Civil procedures, the INNOVATIVE precautionary measure requested by Nuevo Mundo Holding Sociedad Annima is GRANTED and consequently the SUSPENSION WAS ORDERED of Resolution SBS Number 7752001, dated October 18th, 2001, until the main proceedings reach a final decision; the counter precautionary measure was ACCEPTED as a joint and several, irrevocable, unconditional, unlimited and without benefit of excussion for the amount of up to two million dollars of the United States.
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The Third Superior Courtroom granted a protection measure that reinstated us as shareholders and representatives of BNM. This document shows the arguments put forth by the Superintendency before the Constitutional Tribunal after the decision had been made.
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For purposes of conformance with the Constitutional Courts decision acknowledging the right to information, the Fourteenth Civil Courtroom of Lima District ordered SBS to deliver the information concerning the liquidation, same which was defied for eight months by SBS while it filed an appeal before the Superior Court. Requests for that information were not heard.
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Those who betray their words, betray themselves

Jacques Levy Calvo
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The jewish community

At the beginning of the 1990s, Perus economy was devastated. Hyperinflation and successive crises had destroyed Perus economy. Alan Garcas outgoing administration had demonized national banks by first expropriating them and then returning them to their owners under pressure from public opinion. An enormous feeling of financial insecurity swept the country. The system had shrunk and capitals had fled because of the States dreadful management and ongoing subversive violence. Investing in a bank was a very complex undertaking. Banco Nuevo Mundo helped many capitals come back to Peru. Nuevo Mundo Holding S.A. (NMH) was established by my family, led by my father and other partners in Panama, to invest in Peru. Its main investment was BNM, where we held a 99.9% share. Consequently, BNM was an NMH property. Through first order banks NMH issued promissory notes that were placed among investors, the promissory notes holders. These investment documents, issued by a Panamanian -121-
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company, did not require legal provisioning and, therefore, accrued slightly higher interest than other placements, including savings and local banks. This formal, public and transparent operation had been reported in BNMs annual balance sheets sent to the Banking and Insurance Companies Superintendency. NMH held 30 million dollars worth of promissory notes belonging to various investors, half of which were members of Perus Jewish community. At the time of the intervention, together with Alberto Borea Odra, a lawyer, we called those investors to report the anomalous situation and suggest them that as creditors, they should start a joint action with us to address the events and recover our investment. They never heeded our words, despite the evidence we produced and our continued insistence. NMH investors were induced by their advisors to believe that there was a huge risk of losing their investment and, consequently, they should change the strategy by distorting events and altering the truth. They held they were not NMH investors based in Panama but BNM savers from Peru. They held we had spirited their money away and deceived them, in other words, we had defrauded them, despite documentary evidence pointing to the opposite. As evidence of the above, demands against EFG Private Bank Corp., EFG Capital International SA from Miami and Israel Discount Bank from New York, among others, show 75 of the presumed victims accept in their foreign filings they had invested in NMH promissory notes through those banks. In Peru, those same individuals alleged they were BNM savers. Those people had believed not just in us but in the investment system we managed. We invested their money supported by the instructions they signed and we regularly paid their interest to their accounts in Lima, when they requested. It was a clear and smooth relationship. They now tried to deny both its existence and certainty. They falsely called us criminals, to try and recover their money. -122-
Some argued that money was their only source of income to make a living through the interest it accrued. Several times we sent letters through the communitys representatives, with proposals to hand them over properties that could be sold at market value, and turned into cash in the very short term. None was answered. Perhaps this apparent lack of interest was due to the fact that none of the community representatives had invested in NMH. We made a voluntary and unconditional one million dollar bond deposit in a notary on behalf of one of the investors, the Afilantis Society, a charity catering to the neediest members of the Jewish community. After one year, the deposit was withdrawn because it had never been used. If there was such an imperious need, why didnt they use the million dollars we placed at their disposal? These community representatives were not investors but debtors. They owed a significant amount of money to Banco Nuevo Mundo. The truth is they were never interested in the money we placed in the funds we put at their disposal because their true motivation was simply not to pay. It would be interesting to know what happened to their debts, how much they paid back and to which of their liquidators. It is possible those needy people were never actually truly poor, or that the confrontational climate was useful to others who acted behind the stage and for whom the lack of unity was the best scenario. In fact, NMH investors, whose investments were accredited in promissory notes they had signed with their own hand and which we still hold, decided to call themselves Banco Nuevo Mundo savers and declared before the Judiciary they had been defrauded. The criminal proceedings started simultaneously with a media campaign. Every time the proceedings reached a climax, testimonials of senior citizens on television and other media were aired to move public opinion and the judges, and to stir hatred against us. Our Bank was being robbed from us.
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Banco Interamericano de Finanzas, who were interested in buying the Banks portfolio, demanded the Levys relinquish their claim against SBS as a condition to acquire the Bank. We decided not to give up our legitimate legal claim when unexpectedly BIF decided to withdraw its offer to buy a block of shares. In just a few days a Rabbinic Tribunal was established and we were excommunicated. To the Judiciary and media attack, an infamous assault against us aimed at denigrating and destroying us morally. Under Jewish law, in Peru couples willing to obtain a religious divorce should travel to Buenos Aires, because there is no local Rabbinic Tribunal with competence over those matters. This is even more applicable to cases of excommunication. Nonetheless, in this particular case, no recourse was made to the Buenos Aires tribunal but rather an illegitimate and incompetent court was set-up in Lima. There was no trial but only an arbitrary decision made without written evidence or possibility of defense. Excommunication was a pressure tool to force us to drop our lawsuits and allow BIF to close the deal. This made it clear why NMH investors in Panama insisted they were BNM savers in Peru. If BIF bought BNM, then they would be absorbed as a liability and therefore they would be covered by deposit insurance and their savings returned. After the liquidation, NMH investors in Panama continued holding before Peruvian tribunals without any documentary evidence supporting their claims, they were savers and had been defrauded. However, and simultaneously, they appeared before American courtrooms where they told the truth and declared they were investors and in that condition sued the foreign banks that had intermediated using those promissory notes. Lying to a United States tribunal is a serious offense. Their judiciary is not like ours, where lying does not bring about significant consequences. Here, judges may be corrupt while litigants disobey court orders. The consequences and the sanctions are minimal. The judicial system resembles a system of impunity. -124-
It may be worthwhile explaining what a Rabbinic Tribunal is and the meaning of excommunication. A Rabbinic Tribunal is a justice administration institution recognized by Jewish law. It mainly addresses issues of marriage, divorce, release from the promise of marriage, guardianship, tutorship, childrens guardianship, inheritance, wills and conversion issues. Excommunication is a religious sanction that withdraws, suspends or limits membership in a religious community. Excommunication may imply banishment, expulsion or embarrassment. Excommunications are not numerous in the history of the world. The list includes, for instance, Baruch de Spinoza, a famous Dutch philosopher of Portuguese Sephardic descent and a critical heir of Cartesian thinking, reputed as one of the three great rationalists of XVII Century philosophy, together with Frances Ren Descartes and Germanys Gottfried Leibniz. Spinoza left Orthodox Judaism as a result of his studies of physical science and the impact the writings of English philosopher Thomas Hobbes and French scientist and philosopher Ren Descartes had on him. He left the synagogue and in 1656 was excommunicated by the rabbis who also banished him from Amsterdam. For five years, Spinoza lived in the citys outskirts, polishing lenses to make a living. The text of his excommunication reads as follows: By the decision of the angels and judgment of the saints, we excommunicate, expel, execrate and damn Baruch de Spinoza with the approval of the Holy Lord and the entire Holy Community Another excommunication is that of Moshe ben Maimon, called Maimonides since the Renaissance, who was a famous Jewish physician, rabbi and theologian. His philosophical thinking exerted an immense influence on Medieval thought, but in very conservative circles, he was deemed a religious heretic, in particular because he -125-
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was responsible for persuading Karaite Jews to abandon their original practice, and join Rabbinic Judaism. The Guide for the Perplexed (1190), mistakenly called the Guide of the Astray is key to his philosophical thinking and excerpted a strong influence in Judaic and Christian circles, in particular scholastic ones. In his book, he reconciles faith and reason for those who doubt between the teachings of Judaic religion and the doctrines of Aristotelian philosophy, which reigned until then. He showed there was no contradiction where apparently faith and reason oppose each other. Spinoza and Maimonides were excommunicated because they challenged and threatened with their ideas the power of the supreme hierarchy and, therefore, their obscurantist system. A more recent case is Henry Kissingers. Born in Frth, Germany, on May 27th, 1923, this Jewish-American politician of German descent exerted great influence in international politics, not only by the United States towards other countries, but also directly on that of several other nations. He was Secretary of State during the Richard Nixon and Gerald Fords administrations and played a major role in United States foreign policy between 1969 and 1977. He was also a National Security Advisor. About his excommunication, it was said that: The SUPREME RABBINIC COURT OF THE UNITED STATES decreed his excommunication in 1976 because of machinations by the then Secretary of State to disguise Israels conquest during the Yon Kippur war. The outcome of the preventative conflict was not alien to Kissinger himself and brought huge profits to the coffers of his sponsors, the Rockefellers, and the oil multinational corporations, in general Throughout its history, the Catholic Church has followed a similar behavior. Copernicus was excommunicated. Galileo was -126-
excommunicated. Sir Isaac Newton was excommunicated just like Erasmus, Luther, William of Lancaster, the encyclopedists Molire and Sir Charles Darwin. Leonardo Da Vinci, Michel Angelo, Francis of Assisi, Boyle and many others escaped narrowly. Excommunication appears as an effective way of releasing great minds from the unbearable burden imposed on them by beliefs without supporting facts, insistence without proof, and submission without debate. As a matter of fact, the Peruvian Jewish community had known no excommunications, and if any ever happened, they were not made public. This is an extreme punishment that our history has not recorded and our legal system forbids. However, in this case an attempt was made to set-up a Rabbinic Tribunal with three conservative rabbis, Rabbi Efraim Zik from the Union Community, Rabbi Abraham Benhamu from the Sephardic community and a guest Rabbi, Shneur Zalman Uri Blumenfeld from Beit Habad. When Uri found out that not a trial but a condemnation was sought, he declined. Then, reformist rabbi Guillermo Bronstein from the German 1870 Community was invited to join the Tribunal. Bronsteins community was better known for their acceptance of mixed couples of converts. By accepting, Bronstein adopted a conservative position. In September 2001, a few days before the liquidation, we were excommunicated without written proof. The decision was based only on the decisions of the presumed victims. We were not heard nor was truth important to our judges. They only listened to orders. The excommunication decision would be lifted, as appears in the excommunication text itself, once we pay. It was clear that we were being made responsible for what had happened in BNM and, according to our judges, we had committed a crime. Through the excommunication decision, they confirmed the investors lie and made it even more complicated to honor our presumed creditors rightful debt. Calling themselves savers when they were actually investors was a mistake. If they had acted as investors protecting their investment, we would have recovered our property. -127-
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The Peruvian Constitution enshrines freedom of religion, and in this case we were being deprived of our universal right to profess our faith. A decision was made in violation of the rule of law in Peru. Excommunications do not exist in our constitutional order. To the court and media actions, now was added an injurious offensive that sought to bring us to the fore to stigmatize us. It is hard to believe these rabbis were guided only by the force and conviction of making justice. Why did the spiritual leaders of a community behave in this manner? Were they giving an example of courage? What spiritual values did they embody? What dark interests were they actually sponsoring? While all this happened in Lima, Israel heard the news and judged the Peruvian rabbis, placing upon them a serious moral sentence backed by Mordechai Eliyahu, who was at the time President of the Supreme Rabbinic Court of Israel. Since 1983 and for 10 consecutive years Eliyahu was the main Sephardic religious leader in Israel and had become the spiritual guide of Israel settlers in the Occupied Territories. Born in Jerusalem in 1920 and the son of an Israeli wise man and mystic of Iraqi origin, in 1960 he became the youngest Jew ever appointed to be a dayan (religious judge) in Israel. He served as Chief Rabbi in Beer Sheva for four years until he was elected to the Supreme Rabbinic Court, a position he kept when he became the Chief Rabbi of Israel. Mordechai Eliyahus warranting our family, far from correcting the serious mistake that had been made, intensified the rabbis furious attacks against us. Wasnt it obvious that if we had been true fraudsters we would have been pleased with the transaction that repaid all these alleged theft victims? How to explain we chose to fight the State, thereby keeping the events current and permanently in the limelight?
Why did the State refuse in every possible way to provide the Judiciary information about this process if that information was evidence against us? In fact, our actions demonstrated the opposite and that often the media distorts the facts. There was no rationale in our accusers arguments. Excommunication was used to indict us for a permanent sin. Sensationalist local media, ever so shallow and so little perceptive when it comes to large economic interests, did not try hard to investigate other facts, beyond what other interests made them believe. A large part of the media, shaken and embarrassed by the vladivideos scandal, easily accused us without investigating the events. Every time our name was mentioned, it was in connection with theft and immorality. Our life had become a nightmare where all fingers pointed at us. We were smeared, dishonored and humiliated. Our name became an old rag and synonymous with shame. We had returned to the Middle Ages. From the United States, my sister saw in true horror what happened to us. She even felt the consequences of this attack. My father, who until the age of 85 had been a decent man respected by all, had suddenly become a fraudster that did not deserve even the smallest amount of respect, said his accusers. A courageous soldier who admitted his Jewishness before the Nazis during the Occupation and accepted the risks and consequences of doing so, a man who throughout his entire life contributed to innumerable charities, who had nothing to be ashamed of in his whole life, and who was always a man of good, had now become a pariah, a man shunned by everyone, banished from even his own religion. My father suffered in silence. He decided to spend the last seven years of his life in seclusion in his apartment in Lima. He avoided people and infamous murmuring. His stoic personality and strong spirit helped him resist with dignity. At the beginning of August 2007, Alan Garcia told the media the property my family had bought in 1995 in a public call for tenders, would be declared intangible. On August 17th, my father died. His two sisters, Juliette, a year older, and Nelly, a year younger, are still living. -129-
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David Levy Pesso died at 93, victim of a stroke and knowing we were innocent, but never having seen justice made. His remains are not in the Jewish cemetery. They were buried in a Lima cemetery. With this last act, we wanted to protect him so he would not be singled out as a pariah. My brother Isy had to live not only public embarrassment and shame, but also attacks against his children. The atmosphere at the Leon Pinelo Jewish School became unbearable and he decided to take them out to protect their emotional health. I also felt personally overwhelmed. My daughter felt the consequences of this hatred. She has never visited until today to a synagogue for fear of being insulted. Does anybody have the right to humiliate someone like this? Nobody can stand unperturbed the simultaneous attack of an entire system. It is impossible not to be hurt by so much violence and so much lying. My firm belief that the force of truth will always prevail over lies and that light will always shine over darkness nurtured my hope that justice would be made. The lyrics of a song whose author shed light on many a generation always come back to me.
You may say Im a dreamer, but Im not the only one. I hope someday youll join us and the world will be as one
Great Rabbi of Israel Mordechai Eliyahu
Imagine, John Lennon
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Letter sent to the Jewish Association of Peru proposing the delivery of certain real estate property that may be sold at market prices for the approximate amount of US$10 million to mitigate the discomfort adduced by Nuevo Mundo Holding investors who said they lived from the interest of their savings deposits. These goods were not accepted.
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Notice the names of community representatives Guillermo Bronstein, Efraim Zik and Abraham Benhamu, who later sat in the Rabbinic Tribunal that excommunicated us.
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Letters sent to the Jewish Association of Peru including the proposals for solution presented by BNM shareholders.
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Letters sent to the Jewish Association of Peru including the proposals for solution presented by BNM shareholders.
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Extract of the public deed where Nuevo Mundo Holding makes available to AFILANTIS, the charity serving the neediest members of the Jewish Committee, bonds worth one million dollars to mitigate the discomfort adduced by the investors. This money was available for one year and it was never used.
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In June 2010, the Peruvian Jewish Community passed an arbitrary Psak Din (decision) through a Rabbinic Council sitting Abraham Benhamu, Efraim Zik and Guillermo Bronstein. This tribunal, acting against provisions under the Peruvian General Mercantile Companies Act, held us personally liable for the Nuevo Mundo Holding events and banned us from professing our faith. Thus, it curtailed our human and our Constitutional rights, as recognized by Perus law. Their decision read as follows:
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In view of this outrage, a Bet Din (jury) met on Israel on January 2003, disavowing and sanctioning the rabbis acting in Peru for their arbitrary and unfair Psak Din (Judgement). This jury stated the following: We, the Bet Din established in Jerusalem declares under the laws of the wholly Torah the six gentlemen who were sanction and whose names appear in the Psak Din issued by the Bet Din of Lima never cease to belong to the collective body of the community of Israel and, under the light of the wholly Law, we acknowledge them as legitimate children of the people of Israel and members of the Kahal, with all their rights and privileges granted by law. In view of the above, it is hereby concluded that Niduy or Jrem applied to the gentlemen of such the Bet Din is VOID AND NULL FOR ALL EFFECTS.
Letter sent by Rabbi Mordechai Eliyahu, at that time Chairman of the Supreme Rabbinic Court of Israel and one of the most emblematic spiritual guides of the worlds Jewish Community.
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Translation of the Letter sent by Rabbi Mordechai Eliyahu
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Notice sent by the Thirty Seventh Criminal Courtroom of the Lima District listing the individuals who purported being savers at Banco Nuevo Mundo
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While in Peru certain individuals purported they were Banco Nuevo Mundo savers before the local courts, in the United States, where lying is a crime, they appeared before the tribunals as Nuevo Mundo Holding S.A. investors.
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Your greatest strength lies in your principles, dont destroy them

Jacques Levy Calvo
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A few days after the new administration had been inaugurated, SBS and Superintendent Cortavarra reversed our protection measure and recovered the administration of BNM, already under intervention. They sought to pursue their plan to transfer our portfolio to BIF, together with 200 million dollars worth of State bonds. By this time, there was no doubt whatsoever about the power of the Executive Branch over SBS through the judges. However, when BIF quit, SBS sent the Bank to liquidation. Cortavarra left the scene. His mission during almost 12 months and through three administrations had concluded. When he was a university professor, Juan Jos Marthans, the new Superintendent, had termed the intervention inappropriate from a technical selfless standpoint. However, he changed his mind and he aligned himself against BNM and its shareholders by adopting an illegal position. Technical considerations were left aside. Was he following politicallymotivated instructions? We filed before the Supreme Court a contentious administrative lawsuit to seek the annulment of the legal act. In other words, we held the liquidation was null and void. We filed for protection before the Judiciary because we thought the value of our property had been illegally reduced to zero and cancelled us as Bank shareholders and legal representatives. Because we lacked information of what the Superintendency was doing and evidence of a number of fraudulent acts committed without technical support, we filed a Habeas Data remedy requesting information. SBS, in collusion with NMH creditors, had set itself the clear objective to get the BNM loan portfolio absorbed by BIF so they all could be repaid. Obviously, they believed what authorities told them. Both, NMH creditors and the authorities chose to file a criminal lawsuit against us. -163-
Unpredictable Peruvian justice

BNM was a corporation existing and organized in Peru by individuals and legal persons, and governed by the General Company Act and the Banking and Financial Institutions Law. In view of its illegal intervention and liquidation, our first response was an administrative proceeding, but very soon we had to defend ourselves in court. Two lawyers, Alberto Borea and David Cunza, who were also close friends, suggested we file for an injunction. Then we filed several lawsuits. The first one for damages through a demand for protection that allowed us to return to the Bank with court appointed controllers and prevent the illegal transfer of the Bank to BIF and the Peruvian government from improperly disbursing 200 million dollars for the presumed BNM deficit. In the meantime, Alejandro Toledo was inaugurated as President of Peru and offered to undo this injustice. A hopeful door opened. -162-
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While we fought to protect our property in civil courtrooms, they attacked us in criminal courts calling us criminals. Our filing for protection in the civil courtroom was successful and in 2004 we were reinstated as shareholders. That same year we also won our Habeas Data remedy before the Constitutional Court to obtain valuable information we wanted to produce before the Supreme Court to have the liquidation decision annulled. At that same Supreme Court we also obtained a protection order that halted the liquidation proceedings. However, this order was ignored and the Banks liquidation went on. SBS disregarded the courts orders thus revealing the weakness of a Judiciary submitted to the Executive Branch. By August 2006, the lawsuit to declare the liquidation null and void had reached the Supreme Court. We thought we had clearly explained the courts judges the nature of this aberration and that they would admit we were right. But Alan Garca, who had just started his second term in office, declared in a press conference from Palace of Government that If the State loses this trial, Peru will go bankrupt. A similar statement came from Mercedes Cabanillas, the Congress Speaker. Both Garcia and she lied to public opinion. For instance, they said the lawsuit had been started in Limas north section, at a fixed tribunal, when in all truth, the charges had been pressed before the Supreme Court, as befits a contentious administrative lawsuit. At the time, the remunerations in the Judiciary were being reviewed downwards. Hon. Walter Vsquez Bejarano, President of the Supreme Court, said they were under even greater pressure than during the Fujimori epoch. A few days later, they voted five to zero against us. After six years of litigation, there was no certain or foreseeable road ahead. Justice in Peru had gone into a bizarre black hole. The rule of law had once again been trampled by the Executive Branch. -164-
One year later, we were hit again: Alan Garca illegally declared a 200 hectare property owned by my fathers company was intangible. The harassment was obvious. We were caught unawares by the presidential statements. Then, my father suffered an unexpected stroke. Garca thought his abuse would have no consequence. My sister, keeper of my father and my familys investments, clearly saw there was no legal path to be taken in Peru, and that international tribunals were our last resort. Liquidation was a very important piece to understand the events. With the assistance of Enrique Ghersi Esq. and a team of lawyers from his law firm, we managed a first instance judge to give us the information we requested, supported by the Habeas Data decision from the Constitutional Court. For eight months, the Banking Superintendency refused to obey the courts orders. They appealed and delayed to comply with the courts decision by filing with the Superior Court. This behavior has not changed until now and the SBSs abusive and suspicious behavior has prevented knowing what finally happened to hundreds of millions of dollars from BNMs portfolio and how the liquidators behaved. Several criminal charges were pressed against us in as many courtrooms. We were impeded from leaving the country and we ran a huge risk to be sent to jail. We were emotionally abused, threatened by the courts, but we never abandoned our legitimate objective. If we had been guilty. So, in a brief lapse of time and while we were forced to negotiate with BIF, SBS filed criminal charges simultaneously in the 6th, 17th, 37th, 41st, 8th, 28th, 33rd, 21st, and 42nd Criminal Courtrooms and before the 10th Criminal Prosecutors Office. We were charged with several crimes, including fraud, providing false information, performing non-authorized financial intermediation, omission, resisting authority, crimes against the financial and monetary order, and others.
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Obviously, there was a wish to destroy us, overwhelm us and create a rarified atmosphere before public opinion. The media, always prone to sensationalism, echoed, whether in extensive reports or short articles, the authorities illegal arguments. Every time a decision had to be voted, senior citizens declared to the media they had lost their only source of sustenance at the hands of a band of criminal fraudsters. The marching orders were clear. We either accepted meekly to hand over the Bank, or we would be sent to jail. By mid-2008, the Fourth Special Courtroom of the Lima District for Free Defenders, ordered the definitive filing of these lawsuits, for lack of merit were declared innocent under all charges. The lawsuit had reached its last instance and concluded, and the case moved to the res judicata or final decision category. Surprisingly though, in March 2009, a complaint was filed before a judge by an individual who was not a party to the proceedings. However, the recourse was illegally accepted and filed before the Supreme Court not as an incident but as a full-fledged docket. In other words, far from complying with the order of definitive filing as res judicata now the lawsuit would go to the Supreme Court and may be reactivated. A Damocles sword hung over our heads one more time. An illicit act was validated. It was the world upside down. Laws in Peru were not for us. Without checks and balances, without rule of law and judges perverting the course of justice, we lived in the realm of darkness.
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Statement by then Speaker of Congress Mercedes Cabanillas in open violation of the independence of State powers made on September 26th, 2006. The speaker lies because the lawsuit had not been filed for the reasons she mentioned. Who instructed her?
() what concerns is that an improper indemnification for 500 million soles is requested from the State, excuse me, dollars. I am confused; 500 million dollars the State should have to pay if this lawsuit is won. Obviously, Congress has invited the Superintendency of Banking and Insurance Companies to provide more information. He has delivered it and, certainly, after my presentation and statement, you may question him. But my obligation as speaker of Congress is not just to ask a power of the State, the Judiciary. As an independent and autonomous State Power, to care for the transparent administration of justice, as it is duty, in particular in this case, to direct the media and the citizenry to be alert and follow up this affair.
Unexplainable statement by President Alan Garca made on September 27th, 2006. While a vote by the Supreme Court on the annulment of the decision was pending, he said at a press conference, with Mercedes Cabanillas daughter on his side, that the lawsuit was prompted by money. Just like Cabanillas, Garca deliberately lied to confound public opinion and create a sentiment against us. He also lied because the charges were not initially pressed in Limas North Side, as he said with a derogatory overtone. Moreover, his statements were made in open violation of the system of checks and balances. We know (a lawsuit has been started) to obtain an indemnification from the State, through a judge, I think in San Juan de Lurigancho (District) and that the lawsuit has reached the Supreme Court, for a total 500 million dollars against Peru and the Peruvian State. In other words, 1.6 billion soles Peru should pay the shareholders of this Bank, if that decision or resolution is made. I think it is my obligation to inform the nation that (the lawsuit) jeopardizes the national economy and public finances, and we are concerned the courtroom that should decide the issue, is no longer fitting, because some of the judges have resigned, and that eventually a panel of judges may assemble against the will of the judiciary and its president, made up by provisional judges who will make a decision against the national and the States interest. The request for indemnification totals 500 million dollars, or 1.6 billion soles, and I think it is my responsibility as Chief of State to let the people know this and share my concern. Lets hope a decision is made by persons who are not knowledgeable with financial issues that might commit Peru to pay 1.6 billion to a private interest group.
26/09/2006 27/09/2006
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Marthans vs. Marthans Statements by Juan Jos Marthans, in 2001, before he was appointed as SBS Superintendent. Economist Jos Marthans said the Banco Nuevo Mundo crisis was not a consequence of poor management but the result of exogenous factors such as political instability. He indirectly blaims runaway Alberto Fujimori Fujimori for the events at that bank. Economist Jos Marthans said the Banco Nuevo Mundo crisis was not a consequence of poor management but the result of exogenous factors such as political instability. He indirectly blaims runaway Alberto Fujimori Fujimori for the events at that bank.
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Statement by Juan Jos Marthans, SBS Superintendent, in 2006. Can you imagine a country with some needs as Perus paying individuals involved in illicit transactions in a bank organization, 500 million dollars? I really would not agree.
Limas Fourth Criminal Courtroom for Sentenced Convicts confirmed the resolution suspending the lawsuit for fraud and declared our innocence. Decision stating the prevalence of the annulment proceedings by virtue of the Habeas Corpus pronounced by Limas Fourth Criminal Courtroom Sentenced Convicts.
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Resolution N 13-03, dated June 25th, 2008, by virtue of which Limas Fourth Criminal Courtroom confirms the annulment of decisions about the three defendants relating to the criminal lawsuit for fraud. Consequently, the lawsuit had reached its last instance and thereby the case became a closed judicial affair (res judicata).
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Complaint N 1507-2008-A from the First Criminal Supreme Prosecutor, dated March 20th, 2009, accepting to file a complaint against a judge who decided the definitive archiving of the lawsuit. This lawsuit should have reached the Supreme Court of Justice as an incident, while the main file, as ordered by the Superior Court, should have been filed as a closed judicial affair (res judicata). However, this file was inexplicably sent to the Supreme Court.
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Document stating the grounds for the complaint
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File rejecting the appeal, Docket Number N 2650-2010 of the Second Criminal Supreme Prosecutors Office, dated October 25th, 2010 Request for Annulment.
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Society must punish those who act in the shadows, breaking the rules that protect us
Jacques Levy Calvo
Chapter IV The Persecution
The Persecution
The property development project envisaged to build high rises over 20 hectares. The project would be comprised of some 80 buildings, 15 stories high each, on average, to turn this derelict area into a new tourist and urban development pole for Lima. Only 10% of the project would be built in its initial stage. The final concept was to develop an amazing but wasted coast line, and let the residents of the national capital take advantage of their proximity to the ocean and live in harmony with marine life. We wanted to benefit from the natural attraction of our proximity to the sea, as do many other cities around the world. A few months after having registered all our permits in the Public Registries and having started the development works, President Alan Garca said on television our property had been the scene of a battle during the Pacific War and therefore had to be made intangible. He ordered the National Institute of Culture to enact a directorate decision giving our properties a historical value and therefore making them intangible.
Chorrillos, our Property Stolen

En 1994 , en licitacin pblica y bajo la ley de la Autoridad Autnoma In 1994, a public tender called under Costa Verde Independent Authority Regulations resulted in the sale by the Chorrillos Municipal Government, led by Mayor Hugo Valdivia, of a 200 hectare, 5 kilometer long ocean front property for five million dollars paid cash. The contract required the property to be developed towards the ocean and thus have a positive impact on the district and the city of Lima at large. However, the new mayor Pablo Guitrrez illegally disregarded the contracts, but did not return or deposit the money. The next district mayor, Augusto Miyashiro, did likewise, despite the municipal governments commitment at the time of the sale to help in obtaining the necessary municipal permits and paperwork. Thanks to my brother Isys perseverance, in 2007, after more than 10 years, we obtained the construction permits and authorizations issued by the National Institute of Culture, the so called Archeological Non-Objection Certificates, which were also registered in the Public Registry. -186-
In fact, the property was unusually shaped, and its borders were determined by the propertys height. However, such border does not reach the promontory there, the so called Morro. Logically the historical intangible part of the property was always protected. We never bought the promontory. Even more so, the arbitration decision of January 15th, 2001, confirmed the Morro Solar promontory was not part of the property. It is important to mention that in this area there was an Army firing range. However, the Army had left it voluntarily. We asked the Peruvian Army for their technical historical opinion. They clearly said that land had never been the scenario of any war battles in Peruvian history. Why did President Garca lie openly about BNM and our Chorrillos property? Why did the President of Peru step in in these two specific cases? What was his interest in them?
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The Persecution
Archeological Non-Objection Certificates. Extract from Certificate Number N 2005-024 stating no archeological remains were found in the premises.
IT IS THEREFORE CONCLUDED NO ARCHEOLOGICAL VESTIGES WERE FOUND IN AREA A OVER 152,208.43 m2 AND THE PERIMETER OF 2414.90 lm LIMA, FEBRUARY 11th, 2005
IMPORTANT NOTICE: THE CERTIFICATE IS NULL AND VOID UNLESS ATTACHED TO A COPY OF THE BLUEPRINTS SIGNED BY THE AUTHORIZED OFFICIALS.
Los CIRAS 2005-024, 2005-025, 2005-026, 2006-049, 2006-163, 2006-255, 2006-1302, 2006-1862. Fueron otorgados por el INC Los CIRAS 2005-024, 2005-025, 2005-026, 2006-049, 2006-163, 2006-255, 2006-1302, 2006-1862. Fueron otorgados por el INC
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The Persecution
Permits registered with the National Superintendency of Public Registry
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The Persecution
Letter N 490 CPHEP/SCIH/07.00, dated December 20th, 2010, sent to us by General Moiss del Castillo Merino, Army Information Head, including a historical report on the geographic location of the Peruvian Army during the Battle of San Juan.
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The Persecution
Arbitration decision demonstrating the upper portion of the property is part of the Morro but not of our own property, as Alan Garca tried to make people think. Arbitration Decision: Gremco S.A. versus Chorrillos District Municipality, dated January 15th, 2001.
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The Persecution
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The Persecution
La Herradura property development location map:
An illicit and arbitrary statement by the President of Peru, in which he lies to the people. He said that a battle of the War of the Pacific was fought on those grounds. Nevertheless, Peruvian Army Historians say no episode, of any war whatsoever, was ever fought there.
There, from 4 am in the morning of January 13th, 1881, the attack started against the Armed Promontory, we call the Morro Solar on a portion of the area where now the Memorial Cross stands. But Morro designates the entire area. The Morro is U-shaped, starting in La Chira hill, actually called Marcavilca, adjoining Santa Teresa hill and ending at the Salto del Fraile, all of which forms a U-shaped area, at the center of which is Herradura beach. On the entire Morro, batteries for the defense of Lima were set-up. On the entire Morro, Cajamarca and Ayacucho, as well as the Peruvian legion and Peruvian Guard, under the orders of Miguel Iglesias took place and resisted bravely, as the Chilean historian mentions, in bloody and courageous fight where more than 2,500 city residents died. So, as an homage to that heroic city of Lima, to that dramatic time, to the passionate defense they put up forgetting the meaning of life and body in exchange for a greater ideal, we will propose Congress to declare this historical sanctuary absolutely intangible, of this alter of our nation as is Morro Solar so that no mercantile interests will attempt against its integrity. I consider this is the best honor, recollection, reconstruction of the heroic spirit of our City of Lima.
18/01/2008
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-199-
Judge me by my own acts, not by yours

Jacques Levy Calvo
The Persecution
Chorrillos. A Harmonious Proposal

Pachacamac was a divinity worshipped in various regions across Tahuantinsuyo Empire. Its main temple and oracle were located on the coastal band north of the Lurin River mouth, on the Pacific Coast. Chroniclers narrate Pachacamac shared in the task of organizing the world together with Wiracocha. He lived underground and was responsible for earthquakes and food. Some myths describe this divinity as the husband of Pachamama, the Mother Earth and Goddess of Heavens. Pachacamac sanctuary was the most important oracle in preHispanic Peru. It was regarded as one of the most important ancient sacred sites in the entire American continent, and has been classified by UNESCO as a World Cultural Heritage Site. It is a historical center of enormous importance and size. Just 31 kilometers south of Lima, it spans 492 hectares and bears clear testimony to an extraordinary civilization. Like many other people, I never understood why, being so close to Lima, this religious site, so appropriate for meditation, had -203-
The Persecution
never deserved the attention it merited from the local authorities. Pachacamac seemed abandoned and forgotten, although its magnetism could certainly attract future generations. Dolphins are a very peculiar species. They are in fact a model community that has survived more than 15 million years, because its members do not kill each other. Dolphins feed and help each other without degrading their life system or their environment. They have never caused any threats that might impair their peaceful way of living. With these thoughts in mind, in 1986 I bought a property to build a house where I could live in contact with the dolphins. When my brother saw the blueprints of this house project and understood the concept, he made me think about the possibility of sharing it and proposing it as a collective, not just a personal, experience. A personal project became a collective endeavor. From home, it became a hotel. At that time, because of my work, I shared my life between Lima and Washington. There, in 1988, I retained the services of an architect and we started to work on the conceptual design. At the beginning of our efforts, he told me something that would become very significant later: when I finish with your commission, I will show you some blueprints I drafted four years ago. When he delivered the plans for my hotel, he also sent me the blueprints of his intriguing project. Five years earlier, in 1983, the American university that was the first to admit black students and encourage co-education, among other pioneering initiatives, hired him to design the university of the future. He designed a university for a thousand dolphin students, proposing that students in the future would emulate dolphins. The name of this project said it all: A Utopian Past and a Visionary Future: Oberlin 2133. Surprisingly, I had studied at Oberlin College, from 1971 to 1974, where I earned a degree in Economics. In 1988, I also proposed dolphins would tell us how to perpetuate ourselves as a species. From two different inception points, we had converged towards a single meeting point: his was a university campus project; mine, a hotel. Both converged in wanting to create appropriate conditions for learning for a group of people. -204-
This may be called a chance meeting, a mere coincidence. However, I dont believe in coincidence. In fact, I believe this convergence was an alignment. Things dont happen in vain. Two people connected to Oberlin College who had never had any prior relation in their entire lives shared a common vision of the future. Thats how Los Delfines Hotel was born, as a distinct, unique and environmentally driven proposal where common service areas would share a visual registry with the dolphins habitat. The concept sought to encourage communication between two intelligent species. While dolphins, a species of marine mammals, had adapted to the environment, we, humans, insisted on adapting everything to us, to the extent we de-nature ourselves and jeopardize the survival not only of our own species, but of all other living beings on our planet. It has been a year already since our two dolphins, Yaku and Wayra, live in an aquarium in our Chorrillos property, as if in advance to what we have proposed for the entire 200 hectares. A NEW GREEN WORLD is a social concept evolving around dolphins and guided by a series of precepts that will govern this communitys coexistence.
Yaku and Wayra -205-
Estrela and Yaku
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The Persecution
Oberlin College blueprints Image from A Utopian Past and a Visionary Future: Oberlin 2133
A New Green World Project Extract of the A New Green World Science and Technology Project sponsored by Jacques Levy Calvo. A New Green World proposes to create a current to protect the environment and improve values. The projects contribution to science is the learning resulting from the experience accumulated during 15 years of studies at Los Delfines Hotel on living together with dolphins.
Oberlin 2133 is a visionary plan created by architects Doug Michels and Chip Lord on the 150th anniversary of Oberlin College. This is a notable vision of the campus of the future that brings together state of the art technology and freedom. Michels and Lord conceived Oberlin 2133 to showcase their visionary ideals and social innovation. Oberlin 2133 is devoted to the free expression of advanced ideas. The architectural designs includes a Water Streets area based on the vision that by 2133 mankind will be trained in the art of levitation and surface transport will be obsolete. Michels and Lord propose turning Oberlins streets into a waterways network. These new waterways will have also an esthetic and recreational role and will host one thousand dolphin students.
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Epilogue
and its institutions weak, staffed by professionals paid to follow the orders of the incumbent administration. Institutions do not exist. Short-sighted governments have lacked the energy that is required from them. They argue lack of funds and refuse to understand that investing in capable, responsible professionals and technicians who follow a government service career line will result in significant savings for the State and considerably reduce corruption. Most media are also liable of deceiving the citizens. Their large-scale information apparatus for almost one decade stood on its knees and now, after having walked through the social purgatory, think they are the owners of moral principles and the truth. Worse still, they systematically hide the truth if it is not convenient to their friends or collides against their own interests. The media either magnify or obliterate the truth at their own will. Ethical behavior is not their virtue, while their lack of ethical standards is their greatest weakness. The freedom of expression they so loudly proclaim throwing their hands up in horror should not be understood as the freedom to lie to the people or distort the truth. The media act irresponsibly. Theyre not ethical or clean. For a whole decade I have been certain they were an accessory but never were tried. I accuse. We have demonstrated those who stole from us altered balance sheets, colluded, disobeyed authorities, abused their power, and lied to public opinion. In sum, they took our Bank and our properties from us. Worse still, they harassed us and still do. All just for money. We have also demonstrated that the true culprits have been identified. Writing this book was no easy task. Remembering this tragedy was painful. But I wanted to do it because people must learn from their -211-
Epilogue
This book uncovers the weakness of the State institutions whose purpose is to zealously ensure respect for and compliance with the law but it also reveals how such responsibilities are systematically infringed. Today, Peru has the chance to grow steadily but also to adopt a more inclusive attitude in the pursuit of the common good. Peru needs to make a true commitment toward the weak and ignored. At the same time, it has the opportunity to professionally and ethically strengthen its State to make it sustainable. Peru has taken the road to social justice. Clear efforts and remarkable progress can be seen in education. However, the main drive should be to build models based on authentic principles and values. Society has evolved with huge imbalances. The State is inefficient -210-
mistakes, and so should societies that take any pride in themselves. Something like this should never happen again to anybody. It is not fair. We were lucky enough to have a strong family-values oriented rearing, of having been able to study, and to have the resources to defend ourselves for these attacks. What would have happened to a man without all those options? But thats why we must reflect and learn. I ask the young people of Peru who are connected to the world and to the truth through the Internet to think and never take things at face value without proof. Young peoples critical and watchful attitude will help transform our society to make it more certain and transparent, like a clear recipient that allows light to shine through. Let us hope what happened to my family was not in vain.
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This book was printed at Lettera Grfica SAC Emilio Althauss 460, Lince Lima, Peru
This book tells the truth about the assault on Banco Nuevo Mundo. It related the story of an infamous persecution that led to the most scandalous and illegal intervention and liquidation of a bank in Perus financial history. An intervention perpetrated by government officials and politicians connived with powerful economic and religious confessional groups. However, the persecution went beyond the bank itself to embrace family property of incalculable value that the State illicitly declared to be intangible. This is a book you cannot miss to understand how power, justice and the media are managed in Peru.

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Jacques Levy Calvo

Jacques Levy Calvo

Assault to Banco Nuevo Mundo

Assault to Banco Nuevo Mundo

Assault to Banco Nuevo Mundo

Chapter I The Levys

Assault to Banco Nuevo Mundo

The Levy Family

My mother, my brother and sister, and myself. -27-

Assault to Banco Nuevo Mundo

Assault to Banco Nuevo Mundo

The good ones are encouraged, not eliminated

Chapter II The Bank

Assault to Banco Nuevo Mundo

Facade of Banco Nuevo Mundo headquarters in San Isidro. -37-

Assault to Banco Nuevo Mundo

Assault to Banco Nuevo Mundo

Circular 18-panel painting decorating the Board Rooms dome.

Assault to Banco Nuevo Mundo

Run on deposits triggers financial entitys collapse

Banco Nuevo Mundo intervened by SBS after serious liquidity crisis

Liberacin Newspaper December 6th, 2000

The first victim of Governments fund withdrawal?

SBS intervenes Banco Nuevo Mundo for liquidity shortfall

Expreso Newspaper December 6th, 2000

Banking and Insurance Companies Superintendent Luis Cortavarria says

Entity suffered serious liquidity crisis

La Repblica, December 6th, 2000

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Assault to Banco Nuevo Mundo

TOTAL DEPOSITS INDEX, YEAR 2000 FEBRUARY 2000 = 100.00

BNM and system liquidity.

BNM and system liquidity.

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Assault to Banco Nuevo Mundo

Lack of political will to strengthen the economy

Correo newspaper 9/12/2000

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Assault to Banco Nuevo Mundo

Velarde: Leadership lacking in financial sector

Expreso Newspaper, December 8th, 2000 -49-

Assault to Banco Nuevo Mundo

Assault to Banco Nuevo Mundo

Management Resolution N. 057-2000-EF/94.50

JOSE LUIS SALAZAR MARIN, MANAGER ISSUERS AND COMPANIES DEPARTMENT

CONASEV Resolution 4/12/2000

CONASEV Resolution December 12th, 2000

Assault to Banco Nuevo Mundo

Apoyo y Asociados Internacionales S.A.C. September 2000 report.

Apoyo y Asociados Internacionales S.A.C. September 2000 report.

Assault to Banco Nuevo Mundo

Evaluacin de Class y Asociados S.A. Set. 2000

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Assault to Banco Nuevo Mundo

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Assault to Banco Nuevo Mundo

Preliminary Evaluation for the Merger of two Banks

Dont just try to look better, do your best to be better