Ex-CABEI director slams “offensive luxuries and ostentation” of directors of the regional financial authority

Otton Solís Fallas, the former Costa Rican director of the Central American Bank for Economic Integration (CABEI), denounced in an opinion piece what, for him, represented “offensive and ostentatious luxuries” for directors of the regional financial body.

According to Solís Fallas, CABEI managers earn a base salary of $11,449 per month.

In addition, bonuses that raise income by about 65% are exempt from all taxes. According to tax legislation in most of our countries, gross salary must exceed $25,000 per month to earn a net salary like that earned by a CABEI Director. The former director of the organization said in an article published in the newspaper “La Nacion” that managers who move their residence to Honduras receive $2,000 per month for uprooting.

CABEI CEO Dante Mossi responded in a tweet, without mentioning Otto Solis Fallas’ article, and said that since his arrival at the organization, expenditures have been reduced and (financial) assistance to the region increased.

Since my arrival at CABEI, in December 2018, we, the Board of Directors and our staff have reduced expenses and, at the same time, increased our assistance to the region. We are the most relevant financial institution in Central America certified by rating agencies,” said Mossi.

luxuries

Solis Fallas added that managers can appoint an executive assistant, administrative assistant, secretary and driver.

Likewise, confirm that they travel to any partner country at CABEI expense, without seeking permission from anyone and without having to report the results, accompanied by one of their “employees”; And they have a luxury all-terrain vehicle, which can be used for personal matters. When he was the manager of Costa Rica, he noted that he found he had three cars at his disposal: two Prados and a Volvo.

“No one controls whether they take vacations, with an incentive not to report them: at the end of management, the days due to them (two days a month) and not taken are paid by the bank. Managers can spend on food, liquor and gyms. Specials, sandwiches and drinks for the office, all with practically no limits,” Solis Fallas denounced.

You may be interested in: Who will oversee the implementation of the $100 million CABEI loaned to Nicaragua?

Additionally, he said that when they travel to Honduras for the monthly meetings, they stay in the suites of the most expensive hotel in Tegucigalpa, are provided with sumptuous lunches and are charged double the daily allowance for some items.

“It is normal for meetings to be held outside Honduras, which incur high additional costs. On Christmas the president of the bank, the subordinate, enjoyed expensive gifts financed by the bank and held grueling parties, whereby air and travel expenses for the whole day were paid for all the employees from outside Honduras, Solis Fallas said.