Employers want Reisen head for signing a memorandum

The different business associations in the country have come together to ask the Executive the removal of Riesen Jose Joaquin Alvarado as superintendent of Insurance and Reinsurance of Panama (FIRMS), for alleged abuse of his duties as a public servant.

The reason is that the official signed a memorandum of understanding with the Financial Superintendence of Colombia (SFC) requiring insurance companies in Panama to Colombia reveal sensitive information about names of shareholders and minutes of board meetings.

The note is signed by Roberto Troncoso, president of the Council of International Services of Panama, in which guilds meets at the Chamber of Commerce and Industry of Panama, the Panamanian Association of Business Executives (APEDA), Banking Association of Panama Association of Users of the Colon Free Zone, the National Bar Association, among others.

The arguments are that the official, signed the document without making consultations with these groups and gave them open letter to the Colombian authorities to conduct inspections of insurance companies that are exclusively under the control of the Panamanian jurisdiction.

The concern of the unions is how they learned of the signing of the memorandum.

It was explained in the note that was recently when officials from Colombia were presented to an inspection to a Panamanian insurance company, on the basis of the memorandum of understanding that is dated February 26, 2015.

This means that almost a year ago had agreed that document without business associations make themselves acknowledge.

"We do not understand how the SSRP, which has a leading position in the Presidential High Level Commission for the Defense of International Services (Candsif), did not report the memorandum" says the letter of Roberto Troncoso, president of Apede.