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On the Golden Mile, in Hato Re, where the offices of the Bancredito International Bank and the Trust Company are located, The art collection of the founder and sole shareholder of the bank remains. Julio M. Herrera Vilotiniwho fears it will be sold by Driven Advisory Service, LLC.
Through its parent company Bancrédito Holdings Corporation, An application was made on Tuesday in the Federal Court for an interim detention order and a precautionary measure to prevent the recipient from disposing of or influencing the business.
“Plaintiff has attempted to resolve the issues with the artwork without filing a lawsuit, but since his concerns remain unresolved, he has filed this motion to: prevent Drive from selling, transferring, destroying, or otherwise disposing of the artwork; : “And forcing Driven to decide how to take care of the artwork.”
Although Pancredito's legal appeal did not specify how much the art collection is worth, the document indicates that it is “Very valuable”.
Dreven obtained collection authority after being appointed director of the bank in August 2022, and subsequently, in January 2023, became the receiver controlling the assets of the international banking entity (EBI).
According to statements by Bancrédito Holdings, Driven last month attempted to sell the art pieces, which prompted the international foundation to take legal action.
Specifically, BanCredito, in addition to seeking a temporary restraining order to prevent the sale of the business, He asked to be informed of the care taken by Driven, as custodian of the objects, to preserve them.
however, The federal judge assigned to the case, Camille L. Velez-Rives, requested the temporary restraint, while giving a deadline of February 7 for Driven to respond to Bancrédito's request for precautionary measures on the artworks.
As part of the application, Driven will need to disclose the conditions in which the artwork is kept and specify how it will be cared for while in possession.
In previous communications between the Central Bank of Egypt and the liquidator, as is assumed It was pointed out that the pieces of art were kept in the offices, in the city of Hato Re, in the same conditions as they were in before the liquidation process began. In addition, the trustee allegedly offered to sell the business to Pancredito.
“As a response, Driven offered to sell the artwork back to the plaintiff The document stated only that the artwork was kept in the same environmental conditions as it was in before the court case began nearly a year ago.
Meanwhile, Judge Velez-Reif set a preliminary hearing for February 9 in Hato Rey Federal Court.
However, this legal action is one of the last claims that Bancrédito Holdings has brought to court against Driven and OCIF.
This month, federal judge for the Eastern District of North Carolina, Richard E. Myers II, dismissed Bancrédito Holdings' lawsuit against the trustee for allegedly failing to comply with his fiduciary duty as trustee by providing information to the trustee. Financial crimes network (FinCEN), resulting in a $15 million fine.
While at the domestic level, Bancrédito Holdings was also unsuccessful before the Court of Appeal of Puerto Rico, after filing an appeal for judicial review of the dismissal of a complaint filed with the OCIF against Driven for alleged breach of the transaction agreement or Settlement agreement Between the Central Bank of Egypt and the regulatory body. The complaint was also dismissed last year.
These events add to the dispute that Herrera Vilotini has been waging for years against the government financial regulator. Additionally, the banker is under investigation by federal authorities for allegedly helping finance former Gov. Wanda Vázquez Garced's political campaign in exchange for the firing of then-OCIF Commissioner George Joyner, according to the indictment handed down by a federal grand jury.
A trial date has not yet been set, while Herrera Vilotini and Vasquez Garced continue to reject the charges against them.
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