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<\/figure>\n\n\nTo \r\ncreate the offshore platform (outside of the Venezuelan jurisdiction), the \r\nCastillos used the services of the Mossack Fonseca law firm in Panama. With that \r\nleverage and expertise, Solitaire Group Limited, Flamingo Group Holdings Corp., \r\nand Sandbox Invest became a commercial base that the brothers maintained active \r\nuntil at least 2012, according to the law firm's documents, always with the same \r\nheadquarters on Francis Drake Street in Road Town, the capital of Tortola, one \r\nof the Virgin Islands. The last two companies have \"mirrors\" (related companies \r\nwith similar name) in Miami (United States), with the same headquarters and with \r\nunknown business activity.<\/p>\n\n\r\n\n
Having \r\nset up a space abroad, possibly allowed them to quickly flee the country and \r\nsettle abroad, when the Venezuelan Prosecutor's Office knocked on their \r\ndoors.<\/p>\n\n\n
Falling and Running<\/h2>\n\n\n
The \r\nturning point to the Castillo Bozo brothers began in July 2007, when the \r\nMinistry of Education withdrew one of the most bulky policies, coveted by \r\nVenezuelan insurers.<\/p>\n\n\r\n\n
The \r\nministry had become the cornerstone of the financial group. \"That insurance is \r\none of the most lucrative in Latin America, because official deposits are \r\nreceived at a savings rate that insurers then place in a public market at a \r\nlending rate. The business is colossal,\" said economist Francisco Faraco. \r\nSpecialists indicate that the amount of the policy was around 100 million \r\ndollars. The Castillo Bozos also had the policies of the government of Monagas, \r\nMiranda and Carabobo. At the best moment, Seguros Banvalor and Banvalor Bank had \r\n4 million clients combined.<\/p>\n\n\r\n\n
After \r\nthat massive withdrawal, Seguros Banvalor did not recover. The employees of the \r\nentity filed a claim against the directors, the same as the subsidiary bank, \r\nBanvalor. Shortly after, in 2009, a financial mini-crisis exploded. \"Those banks \r\nformed with Grupo Banvalor the operative platform of Alejadro Andrade, Treasurer \r\nof the Nation, in the purchase of Pdvsa bonds that were then traded in the black \r\ncurrency market, generating extremely high profits,\" added Faraco. The former \r\ntreasurer, now in the United States of America, would have favored the group \r\nwith direct awards of bonds and structured notes.<\/p>\n\n\n The \r\nwithdrawal of the policy of the Ministry of Education and the subsequent \r\nallegations of identity theft of the employees seem to have been the necessary \r\nfuel for the group to move quickly from the country. A part of the new venture \r\nwas made with stealth and the other with publicity. According to the Public \r\nRegistry of Panama, from 2007 to 2010 (when Seguros Banvalor was intervened), \r\nthe Castillo Bozos opened 13 companies, of which no business activity is known. \r\nOne of them has a name similar to the other one in Delaware (USA), a state that \r\nreceives large revenues through the registration of companies with tax \r\nfacilities, and recognized worldwide as a tax haven. Two other operations \r\nreceived extensive publicity: the opening of Seguros BBA Corp. in Panama (2008) \r\nand the opening of BBA Bank of Aruba, registered as offshore with the Central \r\nBank of the island and exclusively aimed at capturing dollars from Venezuelan \r\ncustomers (2009).<\/p>\n\n\r\n\n The \r\n13 companies are Joycespace, Maida Enterprises, Beauty Corporation Inc., Kairos \r\nAsesores de Inversiones, Daltrey Properties Inc., Bowman Investment S.A., KYC \r\nLtd S.A., MBH Ltd S.A., Hiven Consultants Inc., Twin Shine Corp, Dream Rock \r\nCorp, Teller Enterprises, and Mercury Star.<\/p>\n\n\r\n\n When \r\nSeguros Banvalor was intervened by the Venezuelan government in January 2010, \r\nneither Leopoldo nor Gabriel, the main directors, were in the country. Even with \r\nan Interpol alert on their backs, the network built since 2003 with the help of \r\nthe Mossack Fonseca law firm gave them the security necessary to turn the page \r\nof the country and continue with the open face of the Caribbean expansion. From \r\nJanuary 2010 to October 2013, Leopoldo and Gabriel Castillo Bozo opened 6 \r\ncompanies related to the insurance, banking and finance sector in Panama \r\n(Seguros BBA Corp. and Financiadora Inversolution), the Dominican Republic \r\n(Banco Atl\u00e1ntico and Atl\u00e1ntico CCA Valores) ,and even the United States of \r\nAmerica (BBA Capital NYC).<\/p>\n\n\r\n\n Just \r\nafter leaving the country, Leopoldo Castillo defended his career in an interview \r\nwith the newspaper El Mundo Econom\u00eda y Negocios. \"The first thing I want to \r\nclarify is that the insurance company in Panama has nothing to do with the \r\ninsurance company in Venezuela, and the bank in Aruba does not have anything to \r\ndo with the bank in Venezuela,\" he said. He argued that the intervention of his \r\nentities was a political retaliation, implying that it was due to the fact that \r\nhe provided collective insurance to opposition state governments, namely Miranda \r\nand Carabobo.<\/p>\n\n\r\n\n As \r\nto the criticism of policyholders who claimed reimbursement with more than a \r\nyear past due, he said: \"I manage a million and a half clients. Five or ten \r\ncomplaining is not significant to me. They must be specific cases where some \r\ndocuments are missing... I am not the Baby Jesus, nor do I intend to be. But I \r\nam a correct person. I do not steal anything from anyone.\" An interview request \r\nmade by email to Leopoldo Castillo was accepted by an assistant in the Dominican \r\nRepublic, but could not be done by the time of the publication. The possibility \r\nfor have his statement is \r\nopen.<\/p>\n\n![\"\"](\"https:\/\/armando.info\/wp-content\/uploads\/2020\/12\/PP-13.png\")
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