A. M. 
The Superintendencia del Sistema Financiero (SSF) announced the opening of a new savings refund scheme for members of the Cooperativa de Ahorro y Crédito Santa Victoria de R.L. (COSAVI). As of january 7, users with deposits of up to $30,000 will be able to go to the only authorized agency to recover their money, as confirmed by Superintendent Evelyn Gracias.
With this measure, it is estimated that 80.5% of the savers affected by the COSAVI case will receive their funds, said Gracias. The cooperative, which is currently under intervention by the authorities, faces accusations of fraudulent administration and money laundering, which complicated the restitution process for those affected.
The only branch available to make refunds is located on Gabriela Mistral Street and operates at specific hours: Monday through friday from 8:00 a.m. to 5:00 p.m., and on saturdays from 8:00 a.m. to 12:00 p.m., reminded the head of the SSF.
In response to the claims of savers who demand an extension of the maximum repayment amounts, Gracias explained that COSAVI’s resources are mainly placed in loans. “As debtors pay, more repayment layers are enabled. However, this process takes time and depends on the cooperative’s income”, he clarified.
The SSF assured that it continues to evaluate options to accelerate the total restitution of funds to savers. Although the situation is complex, the necessary steps are being taken to ensure that members recover their deposits in the shortest possible time.
