Ecuador: Over 3000 State-Owned Company Contracts To Be Reviewed

According to the Minister of Energy and Mines of Ecuador, Fernando Santos Alvite, more than 3 000 contracts in public companies in the energy sector must be reviewed.

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"We have to talk about more than 3 000 contracts, it will be a complicated task, but we have to do it seriously, slowly, and hopefully with results that will allow us to identify who the wrongdoers are and take action," Santos told local media. 

Within the framework of an accusation about a corruption network in public companies of the energy sector, the Minister said that no relevant information would remain undercover. Santos noted that public companies must have their accounting and auditing up to date.

The denunciation has been issued by the digital media La Posta, which claims the alleged corruption network demanded significant sums of money in exchange for positions or contracts in public companies.

Encounter Case: Early this morning, the Ecuadorian Public Prosecutor's Office led an operation in which eight simultaneous raids were carried out in Guayaquil and 1 in Quito at the homes of persons investigated for alleged corruption in public companies.

It adds that the network includes the participation of the Public Company Coordinating Companies (EMCO EP), the General Electricity Corporation (CNEL), the Strategic Public Company Electrical Corporation of Ecuador (CELEC EP) and the Ecuadorian Oil Fleet (FLOPEC). 

The Minister said that in the case of the oil company Petroecuador, an international company would continue to be sought to carry out the corresponding financial and forensic audit. 

As part of the ongoing investigation process, the Ecuadorian Prosecutor's Office reported this Friday via Twitter of "an operation in which eight simultaneous raids were carried out in Guayaquil and one in Quito at the homes of persons under investigation for an alleged corruption scheme in public companies."

The Ecuadorian President has requested the resignation of public company directors and has ordered these entities to hand over all the necessary documentation to the control agencies for investigation.