Ex-President of Industrial Bank of Venezuela Arrested for Corruption

On Tuesday, Venezuelan authorities arrested the former president of the Industrial Bank of Venezuela (BIV), Luis Quiaro, on charges of embezzlement.

By James Suggett – Venezuelanalysis.com
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Mérida, May 21st 2009 (Venezuelanalysis.com) -- On Tuesday, Venezuelan authorities arrested the former president of the Industrial Bank of Venezuela (BIV), Luis Quiaro, on charges of embezzlement.

The arrest follows a two-year investigation that began when an internal BIV auditor filed an accusation against Quiaro during his term as president of the bank in 2006.

"The Bolivarian government ratifies its unbreakable will and firm resolution in the fight against corruption," Interior and Justice Minister Tareck El-Aissami said in a formal statement.

Quiaro awaits trial in facilities of the national intelligence agency DISIP. He faces three to ten years in prison if convicted.

The Attorney General's Office has advanced on several high profile corruption cases this year. Last month, authorities arrested the former Defense Minister of President Hugo Chávez, Raul Baduel, for embezzlement during his term as minister. Also, state and national courts issued arrest warrants for the former governor of Guarico state from the United Socialist Party of Venezuela (PSUV), Eduardo Manuitt, and the former Zulia State Governor Manuel Rosales, a prominent opposition leader who fled to Peru to avoid trial.  

Last week, the Finance Ministry announced it will form a commission of financial experts to take custody of the BIV, which is 76% state-owned and holds the majority of the Venezuelan state's domestic deposits.