THE SHADOW of thie Financial Pacific (FP) scandal continues to lengthen and has now fallen on a failed credit union.

Sergio Morales Puello, a lawyer for some members of the Board of Directors of the Social Security Employees Savings and Credit Cooperative, filed an affidavit on Thursday Morales Puello said that it was clear that the cooperative should be involved in the case.
"If you eliminate the cooperative, it would prevent legal action against some people," the lawyer said. "Obviously Financial Pacific has links with certain sectors of power," reports La Prensa.
At the same time, Morales Puello said that the cooperative had $5.9 million invested in the brokerage house. He said that so far, it is unknown if the money has been returned because records of the transaction have not been found. It is unknown if they are with Financial Pacific or with the Superintendency of Securities.
The cooperative had term deposits, which was an unauthorized activity. These were offered to customers as titles of securities in cash. The exact number of these securities could not be established in an inspection of Financial Pacific records.
What was found was that the deposits created in the internal system of the brokerage house were not deposited in the cooperative.
After two interventions, the Superintendency ordered the forced liquidation of Financial Pacific in August.. There was $12 million missing between the reported balances and the actual bank accounts.