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Petroecuador backs down on its irregular insurance and signs with Sucre, again

The state-owned Petroecuador informed that, until next April 4, it will hold a new contest to select a winner of the all-risk policy that had been awarded on December 7 with Hispana de Seguros and Latina Seguros. The announcement comes after the cancellation of that contract that was already in execution. It justifies that the decision obeys the findings determined in the interim report of the Comptroller.

It is that the contracts that he has made Petroecuador have been questioned from different sectors. Own President Lenín Moreno expressed concern. In a reserved letter and in Cabinet meetings, as reported by EXPRESO in recent days, there was a request to adopt measures to prevent new anomalies in the company. During the government of former President Rafael Correa at least three former managers and one former minister were sentenced for acts of corruption.

Lenín Moreno asks for explanations for the insurance that Petroecuador hired

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The irregularities in the public company motivated about thirty research for embezzlement, money laundering, illicit association, organized crime, illicit enrichment. Only the former manager Carlos Pareja Yannuzzelli, A prisoner in the Ambato jail in Tungurahua, he has at least five sentences.

In a statement, the company indicates that it welcomes a provisional retroactive coverage after declaring null the award of the all risk policy. It will be with Sucre Insurance. With that insurer, they reached an agreement so that the assets of the oil company are covered retroactively from December 7, 2020 and for 120 days. In this way, the statement says, the integrity of the company’s assets is guaranteed.

Manager Gonzalo maldonado He guaranteed that “this administration will safeguard the assets of the company that add up to about USD 6 billion.” Offered that the new contest to award a winner will adhere to the Public Procurement Law. According to the official, on December 20 he asked the Comptroller the concurrent audit. He also knocked on the doors of the National Public Procurement Service (Sercop) for advice in all bidding processes.

On January 15, with a resolution, everything that had been done in December was annulled when “the Integrity and Security of the people, goods and operations of EP Petroecuador” was declared in emergency, and with that procedure it was awarded Hispana de Seguros and Latina Seguros. With them the insurance of: All Oil Risks and Maritime and Non-Maritime Civil Liability. This emergency declaration was questioned by Sercop and the Comptroller’s Office.

Petroecuador's assets have a new insurer since December 7.

The Comptroller’s Office, one step away from confirming the anomalies in Petroecuador’s insurance

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Petroecuador indicated that Seguros Sucre was the company in charge of the policy on that date of the annulment of the award and after the agreement with that firm, coverage was resumed and was extended for 120 days, from December 7, 2020. It was announced that Hispanic Insurance and Latino Insurance with the resolution and early termination of the policies.

On January 13, in a letter sent to Maldonado, the existing concern was expressed in Carondelet for the complaints surrounding the hiring of the multi-risk insurance from the oil company for more than 53 million dollars.

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