Luis Álvarez Renta

Biography

Luis Álvarez Renta (given birth to Apr 9, 1950) is a Dominican economist. Álvarez Renta was discovered liable with a federal government jury in Miami of civil racketeering and unlawful money transfers within a conspiracy to loot Baninter loan company during its last months of lifetime in 2003, that Álvarez Renta was purchased to pay out $177 million to Dominican regulators in November 2005.

Luis Rafael Álvarez Renta was created in Caracas, Venezuela. His dad, Virgilio Álvarez Saviñón, was a renowned and rich Dominican engineer who was simply compelled into exile through the dictatorship of Rafael Leónidas Trujillo in the Dominican Republic. Arriving in Venezuela with twenty dollars and a suitcase, Álvarez Saviñón could re-establish his lot of money in Venezuela. It had been stated that in Caracas, "anywhere you appeared something have been constructed by Virgilio Álvarez."His mom, Thelma Renta, was the sister of designer Oscar de la Renta, and a significant social body in the Dominican Republic in her own best.Álvarez Renta studied in Venezuela as well as the Dominican Republic, ultimately earning a complete scholarship or grant to a Dominican College or university. He was also in a position to study in america, attending both College or university of Michigan and Washington College or university in St. Louis. His efficiency in university didn't go undetected, and he was provided scholarships for graduate just work at both Cornell College or university in Ithaca, NY, with the MIT Sloan College of Administration in Cambridge, Massachusetts. He went to MIT Sloan and received a Experts in Finance. He'd later set up a professorship there.During his early job, Álvarez Renta was provided several jobs in america. He chose, rather to return towards the Dominican Republic. Initially, he involved in the general public sector, providing as Sub-Secretary of Condition for Market and Commerce, consultant emeritus towards the Presidency for Business and Financing, and movie director of CEDOPEX, the oversight company for Dominican exports.Having finished his function in the general public sector, Álvarez Renta opened up his own company, Luis Álvarez Renta & Asociados, an expense banking firm centered on mergers and acquisitions. For the next thirty-three years, Álvarez Renta was referred to as the "Ruler Midas" from the Dominican Republic, since his offers always produced both sides quite a lot of money. Because the monetary sector in your community was underdeveloped, he was frequently on both edges of a offer, as he was among the just people in your community with the specialized expertise necessary to process major corporate and business transactions.Therefore, Álvarez Renta essentially created industry for mergers and acquisitions in the Caribbean area, and became extremely wealthy along the way. An estimation of his prosperity produced during his divorce process in 2000 positioned it at $148 million, although some thought it to be more than that at that time.Before the Baninter bank scandal, Álvarez Renta had accompanied previous Dominican Chief executive Hipólito Mejía about a lot of his trips overseas, and was appointed ambassador to France about Apr 2, 2003. He made a decision to accept the visit within his retirement, to be able to impact positive modification for the united states by assisting it negotiate a free of charge Trade Contract with europe.Nevertheless, after Governor José Lois Malkún from the Central Loan company from the Dominican Republic’s announcement that Álvarez Renta was mixed up in Baninter debacle, Álvarez Renta resigned the post to avoid a dispute between President Mejia and his advisors.In response towards the announcement, Álvarez Renta took away full-page advertisements in the press, where he declared he was innocent of all charges created by the Central Bank. He also stated to have finished his dealings with Baninter nearly 2 yrs before its failing in 2003. Álvarez Renta was the just Dominican businessperson who's stated by name in the Central Loan company report. The record stated that overdrafts and loans totaling RD$3.83 billion were erased in the beginning of the year and only the business Bankinvest, S.A., presided and maintained by Luis Álvarez Renta.

Continuing Education

Among the main tips to Álvarez Renta’s achievement was his dedication to continuing education. After graduating from MIT, he'd embark on to get advanced levels and certificates from such institutions as the Harvard Business College as well as the Wharton College of Business on the University of Pa.This allowed Álvarez Renta to consider new financial technologies and transplant these to the Caribbean marketplace. For example, he is acknowledged with presenting the "you established the purchase price, I decide whether to get or sell" procedure for negotiation to the spot. His participation at such a structural level in the introduction of the financial systems in your community ultimately managed to get easy for him to be successful.

Doubts about Baninter

Recently, many possess expressed uncertainties about Álvarez Renta’s involvement in the Baninter scandal. He was accused by an administration that finished up getting overrun with main corruption charges within a speech compiled by another financier, Andres Dauhajre, Jr., who was simply an consultant to Leader Mejia and a lifelong rival of Álvarez Renta’s.During the accusation, Álvarez Renta stood to create US$100 million within the sale of an organization he previously bought that held exclusive contracts for the sale of duty-free items at every Dominican airport. Mejia's administration acquired challenged those agreements and lost, and several people were thinking about acquiring them prior to the company's sale to a Spanish conglomerate was finished. (Being a sidenote, these agreements would turn into a large area of the execution procedure in the lawsuit against Álvarez Renta in america, and were ultimately turned to the Central Loan provider from the Dominican Republic.)The quantity that Álvarez Renta supposedly stole from Baninter was roughly US$59 million. It really is presumably difficult to assume him needing the amount of money.Álvarez Renta was also the just person in the scandal who was simply concurrently sued in america. Because the U.S. Government Court struggles to compel testimony from Dominican people surviving in the Dominican Republic (and non-e would testify voluntarily), Álvarez Renta stated to struggle to call a good single see in his personal defense.Ten of the initial eleven costs filed in the lawbreaker actions against Álvarez Renta in the Dominican Republic were dropped before trial.Álvarez Renta was in charge of looking to salvage Baninter by negotiating a merger with another Dominican standard bank, Banco del Progreso. The merger, that was authorized by the Monetary Panel from the Dominican Republic, was later on undone from the Central Bank.

After the Miami verdict

After being found liable in the U.S. Area Courtroom for the Southern Area of Florida in November 2005, Álvarez Renta indicated that he blames previous Baninter chief executive Baez Figueroa for the colossal scams that brought down the lender and everything but decimated the Dominican overall economy in 2003. Álvarez Renta, that has been carefully from the bank collapse, claimed he previously no component in it which Ramon Baez Figueroa and his deputy Marcos Baez Cocco had been those accountable. Proceedings in the Dominican Republic started on Apr 3, 2006 against Baninter's previous chief executive Ramon Báez Figueroa as well as the professionals Vivian Lubrano and Marcos Báez Cocco, Luis Álvarez Renta and Jesus Maria Ferrúa. The protection is headed from the famous lawyer Marino Vinicio Castillo, whose main argument would be that the government bodies under Mejia's presidency (2000–2004) triggered the bank's collapse.On Apr 7, 2006 the Dominican Authorities announced it could offer legal and mental support to former Miss Dominican Republic 1987, Carmen Rita Perez Pellerano, in her demand that her ex-husband, Álvarez Renta, quit harassing her which she be awarded custody of their child. Álvarez-Renta won the situation on the remember that Ms. Perez was announced psychologically unfit to deal with their, at that time, 7 year aged daughter.On July 16, 2008 L.A.R. was delivered to the jail at Najayo, San Cristóbal (south), to begin with offering a 10-12 months jail sentence.Sentencing assess Saulo Ysabel Díaz released the custody purchase around 7 p.m. July 16, after nearly 12 hours of conversation using the condemned and his attorneys, who asked the courtroom to lessen his sentence which he be permitted to provide his amount of time in jail in the prison at Aras Nacionales, Villa Mella.Álvarez Renta arrived early Thursday night morning hours at Díaz's workplace together with his lawyers.

Dealings with the presidencial candidate

It was later on found that Álvarez Renta was the chief executive of Maravedi, a business owned by Miguel Vargas Maldonado, the applicant from the PRD for another presidential elections. That organization was utilized to defraud the property during the 1st many years of the decade.

Notes

^ The Free Collection ^ DR1 Daily News-Short-term ambassadorial stay ^ DR1 Daily News-Renta blames Baez Figueroa ^ "Authorities will support ex-beauty queen divorcing the convicted Alvarez Renta". Dominican Today. Santo Domingo. 7 Apr 2006. Retrieved Dec 12, 2012.   ^ Bienvenidos al Hoy Digital

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