IBOV 176,054 ▼ 1.02% IPSA 10,950 ▼ 0.96% IPC MEX 65,977 ▼ 0.78% MERVAL 3,259,986 ▼ 0.62% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▼ 0.73% USD/BRL5.13▲ 0.44% USD/MXN17.53▲ 0.32% USD/CLP931.70▲ 0.74% USD/COP3,242▼ 0.11% USD/PEN3.41▲ 0.49% USD/ARS1,482▼ 0.37% USD/UYU 40.22 — 0.00% USD/PYG6,045▼ 0.17% USD/BOB10.35▲ 2.07% USD/DOP58.30▼ 0.31% USD/CRC448.53▼ 0.06% USD/GTQ7.62▼ 0.10% USD/HNL26.73▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES719.54▼ 0.13% USD/PAB1.00— 0.00% USD/BZD2.00— 0.00% USD/JMD156.98▼ 0.70% USD/TTD6.74▼ 0.12% EUR/BRL5.84▲ 0.34% BRENT 82.81 ▲ 8.95% WTI 77.66 ▲ 8.75% IRON ORE 161.91 — — COPPER 6.28 ▲ 0.70% GOLD 4,007 ▼ 2.38% SILVER 57.88 ▼ 3.23% SOY 1,194 ▼ 0.25% CORN 463.00 ▲ 5.71% WHEAT 635.25 ▲ 0.51% COFFEE 330.50 ▼ 3.64% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 137.15 ▼ 7.24% COTTON 81.49 ▲ 1.96% COCOA 5,808 ▼ 1.88% BEEF 234.95 ▼ 0.11% CATTLE 354.20 ▼ 0.11% LITHIUM 70.17 ▼ 2.98% PETR4 40.81 ▲ 2.93% VALE3 72.61 ▼ 2.12% ITUB4 43.67 ▼ 1.42% BBDC4 18.76 ▼ 0.53% ABEV3 15.84 ▲ 0.13% BBAS3 20.26 ▼ 1.55% B3SA3 15.04 ▼ 2.46% WEGE3 44.73 ▼ 3.83% PRIO3 57.15 ▲ 3.07% SUZB3 41.58 ▲ 0.07% RENT3 40.16 ▼ 2.29% AZZA3 19.17 ▲ 0.37% CSAN3 3.93 ▼ 3.44% RAIZ4 0.33 ▼ 5.71% PCAR3 2.61 ▼ 4.40% GMAT3 3.96 ▼ 0.25% PSSA3 54.06 ▼ 1.66% CVCB3 1.24 ▼ 0.80% POSI3 3.95 ▼ 0.50% SLCE3 13.89 ▼ 0.93% NATU3 8.66 ▼ 0.23% BRKM5 6.79 ▲ 2.41% RANI3 7.96 ▼ 0.62% CSNA3 5.23 ▲ 0.97% CMIN3 5.45 ▲ 4.21% USIM5 8.37 ▼ 0.95% GGBR4 22.93 ▼ 0.35% ENEV3 27.00 ▼ 2.00% CPFE3 46.97 ▼ 1.88% CMIG4 11.09 ▼ 2.55% EQTL3 40.22 ▼ 1.69% LREN3 14.25 ▼ 2.53% VIVT3 35.06 ▼ 1.93% RAIL3 14.07 ▼ 2.02% KLABIN 17.53 ▼ 0.06% RAIA DROGASIL 18.30 ▼ 2.50% RDOR3 35.60 ▼ 1.17% HAPV3 10.43 ▼ 1.60% FLRY3 16.26 ▼ 0.97% SMTO3 16.59 ▲ 1.34% UGPA3 30.98 ▲ 0.88% VBBR3 32.80 ▼ 0.61% BBSE3 40.27 ▼ 0.20% BPAC11 57.72 ▼ 1.72% CURY3 33.51 ▼ 2.05% AERI3 2.08 ▼ 0.48% VIVARA 23.16 ▼ 1.57% COMPASS 24.79 ▼ 2.78% VAMOS 3.01 ▼ 1.63% SANB11 27.21 ▼ 1.48% ASAI3 8.68 ▼ 2.14% SBSP3 30.40 ▼ 2.28% WALMEX 49.64 ▲ 0.65% GMEXICO 195.12 ▼ 2.06% FEMSA 224.83 ▲ 0.68% CEMEX 21.62 ▼ 1.10% GFNORTE 182.57 ▼ 2.15% BIMBO 56.03 ▼ 0.12% TELEVISA 9.65 ▼ 0.82% AMX 22.87 ▲ 0.75% GAP 407.70 ▼ 1.16% ASUR 279.00 ▼ 2.15% OMA 233.11 ▼ 1.43% KOF 180.77 ▲ 0.35% GRUMA 282.91 ▼ 0.23% KIMBER 38.29 ▲ 0.58% SQM-B 67,366 ▼ 0.57% COPEC 6,108 ▼ 0.51% BSANTANDER 77.87 ▼ 1.43% FALABELLA 5,911 ▲ 0.10% ENELAM 84.78 ▼ 0.73% CENCOSUD 2,041 ▼ 0.21% CMPC 1,084 ▼ 2.29% BANCO CHILE 184.28 ▼ 2.44% LATAM AIR 25.17 ▼ 4.15% YPF 77,525 ▲ 4.20% GGAL 8,195 ▼ 1.68% PAMPA 5,290 ▲ 2.12% TXAR 665.00 ▼ 0.89% ALUAR 964.50 ▼ 1.13% TGS 9,620 ▲ 0.26% CEPU 2,342 ▼ 2.25% MIRGOR 17,025 ▼ 1.30% COME 44.89 ▼ 2.22% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,250 ▲ 0.12% ECOPETROL 15.90 ▲ 2.05% BANCOLOMBIA 81.20 ▼ 2.11% GRUPO AVAL 4.92 ▼ 2.96% CREDICORP 389.18 ▼ 2.90% SOUTHERN COPPER 174.40 ▼ 0.81% BUENAVENTURA 29.85 ▼ 0.50% MERCADOLIBRE 1,875 ▲ 1.20% NUBANK 13.72 ▼ 0.30% XP 16.37 ▼ 3.28% PAGSEGURO 9.25 ▼ 0.05% STONE 11.14 ▼ 0.67% GLOBANT 32.01 ▲ 6.84% TECNOGLASS 42.94 ▼ 2.19% GAP AIRPORT 233.13 ▼ 1.07% ASUR 279.00 ▼ 2.15% OMA AIRPORT 106.19 ▼ 1.71% AMX ADR 26.03 ▲ 0.07% FEMSA ADR 128.29 ▲ 0.49% CEMEX ADR 12.37 ▼ 0.92% PETROBRAS ADR 17.88 ▲ 3.20% VALE ADR 14.14 ▼ 2.25% ITAU ADR 8.51 ▼ 1.33% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.07 ▼ 0.16% CSN 1.03 ▲ 1.49% GERDAU 4.48 ▼ 0.56% LATAM ADR 53.79 ▼ 4.72% BTC 61,954 ▼ 2.83% ETH 1,764 ▼ 2.32% SOL 74.75 ▼ 2.76% XRP 1.06 ▼ 2.31% BNB 564.01 ▼ 1.73% ADA 0.16 ▼ 2.94% DOGE 0.07 ▼ 1.81% AVAX 6.44 ▲ 0.59% LINK 7.85 ▼ 1.80% DOT 0.83 ▼ 1.45% LTC 43.05 ▼ 2.09% BCH 235.60 ▼ 1.82% TRX 0.33 ▼ 1.69% XLM 0.18 ▼ 2.65% HBAR 0.07 ▼ 1.94% NEAR 1.89 ▼ 0.03% ATOM 1.53 ▼ 1.92% AAVE 94.30 ▼ 2.85% SELIC 14.25% EMBRAER 82.66 ▼ 2.29% EMBRAER ADR 64.47 ▼ 2.33% JBS 11.77 ▼ 1.22% JBS BDR 60.27 ▼ 0.84% MBRF3 15.93 ▲ 2.44% MBRFY 3.07 ▲ 1.66% INTER 5.62 ▼ 3.44% EGX 52,608 ▲ 0.67% USD/ZAR16.45▲ 0.79% USD/NGN1,378▼ 0.05% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY162.43▲ 0.44% USD/CNY6.77▼ 0.09% DAX 25,114 ▲ 0.19% CAC 8,365 ▲ 0.31% FTSE 10,498 ▲ 0.01% MIB 52,809 ▲ 0.37% IBEX 19,336 ▼ 0.25% STOXX 641.01 ▼ 0.01% EUR/USD1.14▼ 0.12% GBP/USD1.34▼ 0.25% SPX 7,521 ▼ 0.71% DJI 52,493 ▼ 0.27% NDX 29,284 ▼ 1.82% RUT 2,952 ▼ 0.86% TSX 35,236 ▼ 0.20% VIX 16.93 ▲ 12.64% USD/CAD1.42▼ 0.03% US10Y 4.6120 ▲ 0.94% IBOV 176,054 ▼ 1.02% IPSA 10,950 ▼ 0.96% IPC MEX 65,977 ▼ 0.78% MERVAL 3,259,986 ▼ 0.62% COLCAP 2,307.67 ▲ 0.65% BVL PERÚ 56,917.82 ▼ 0.73% USD/BRL 5.13 ▲ 0.44% USD/MXN 17.53 ▲ 0.32% USD/CLP 931.47 ▲ 0.71% USD/COP 3,242 ▼ 0.11% USD/PEN 3.41 ▲ 0.49% USD/ARS 1,482 ▼ 0.37% USD/UYU 40.22 — 0.00% USD/PYG 6,045 ▼ 0.17% USD/BOB 10.35 ▲ 2.07% USD/DOP 58.30 ▼ 0.31% USD/CRC 448.53 ▼ 0.06% USD/GTQ 7.62 ▼ 0.10% USD/HNL 26.73 ▲ 0.04% USD/NIO 36.62 — 0.00% USD/VES 719.54 ▼ 0.13% USD/PAB 1.00 — 0.00% USD/BZD 2.00 — 0.00% USD/JMD 156.98 ▼ 0.30% USD/TTD 6.74 ▲ 1.31% EUR/BRL 5.84 ▲ 0.34% BRENT 82.81 ▲ 8.95% WTI 77.66 ▲ 8.75% IRON ORE 161.91 — — COPPER 6.28 ▲ 0.70% GOLD 4,007 ▼ 2.38% SILVER 57.88 ▼ 3.23% SOY 1,194 ▼ 0.25% CORN 463.00 ▲ 5.71% WHEAT 635.25 ▲ 0.51% COFFEE 330.50 ▼ 3.64% SUGAR 14.76 ▼ 0.81% ORANGE JUICE 137.15 ▼ 7.24% COTTON 81.49 ▲ 1.96% COCOA 5,808 ▼ 1.88% BEEF 234.95 ▼ 0.11% CATTLE 354.20 ▼ 0.11% LITHIUM 70.17 ▼ 2.98% PETR4 40.81 ▲ 2.93% VALE3 72.61 ▼ 2.12% ITUB4 43.67 ▼ 1.42% BBDC4 18.76 ▼ 0.53% ABEV3 15.84 ▲ 0.13% BBAS3 20.26 ▼ 1.55% B3SA3 15.04 ▼ 2.46% WEGE3 44.73 ▼ 3.83% PRIO3 57.15 ▲ 3.07% SUZB3 41.58 ▲ 0.07% RENT3 40.16 ▼ 2.29% AZZA3 19.17 ▲ 0.37% CSAN3 3.93 ▼ 3.44% RAIZ4 0.33 ▼ 5.71% PCAR3 2.61 ▼ 4.40% GMAT3 3.96 ▼ 0.25% PSSA3 54.06 ▼ 1.66% CVCB3 1.24 ▼ 0.80% POSI3 3.95 ▼ 0.50% SLCE3 13.89 ▼ 0.93% NATU3 8.66 ▼ 0.23% BRKM5 6.79 ▲ 2.41% RANI3 7.96 ▼ 0.62% CSNA3 5.23 ▲ 0.97% CMIN3 5.45 ▲ 4.21% USIM5 8.37 ▼ 0.95% GGBR4 22.93 ▼ 0.35% ENEV3 27.00 ▼ 2.00% CPFE3 46.97 ▼ 1.88% CMIG4 11.09 ▼ 2.55% EQTL3 40.22 ▼ 1.69% LREN3 14.25 ▼ 2.53% VIVT3 35.06 ▼ 1.93% RAIL3 14.07 ▼ 2.02% KLABIN 17.53 ▼ 0.06% RAIA DROGASIL 18.30 ▼ 2.50% RDOR3 35.60 ▼ 1.17% HAPV3 10.43 ▼ 1.60% FLRY3 16.26 ▼ 0.97% SMTO3 16.59 ▲ 1.34% UGPA3 30.98 ▲ 0.88% VBBR3 32.80 ▼ 0.61% BBSE3 40.27 ▼ 0.20% BPAC11 57.72 ▼ 1.72% CURY3 33.51 ▼ 2.05% AERI3 2.08 ▼ 0.48% VIVARA 23.16 ▼ 1.57% COMPASS 24.79 ▼ 2.78% VAMOS 3.01 ▼ 1.63% SANB11 27.21 ▼ 1.48% ASAI3 8.68 ▼ 2.14% SBSP3 30.40 ▼ 2.28% WALMEX 49.64 ▲ 0.65% GMEXICO 195.12 ▼ 2.06% FEMSA 224.83 ▲ 0.68% CEMEX 21.62 ▼ 1.10% GFNORTE 182.57 ▼ 2.15% BIMBO 56.03 ▼ 0.12% TELEVISA 9.65 ▼ 0.82% AMX 22.87 ▲ 0.75% GAP 407.70 ▼ 1.16% ASUR 279.00 ▼ 2.15% OMA 233.11 ▼ 1.43% KOF 180.77 ▲ 0.35% GRUMA 282.91 ▼ 0.23% KIMBER 38.29 ▲ 0.58% SQM-B 67,366 ▼ 0.57% COPEC 6,108 ▼ 0.51% BSANTANDER 77.87 ▼ 1.43% FALABELLA 5,911 ▲ 0.10% ENELAM 84.78 ▼ 0.73% CENCOSUD 2,041 ▼ 0.21% CMPC 1,084 ▼ 2.29% BANCO CHILE 184.28 ▼ 2.44% LATAM AIR 25.17 ▼ 4.15% YPF 77,525 ▲ 4.20% GGAL 8,195 ▼ 1.68% PAMPA 5,290 ▲ 2.12% TXAR 665.00 ▼ 0.89% ALUAR 964.50 ▼ 1.13% TGS 9,620 ▲ 0.26% CEPU 2,342 ▼ 2.25% MIRGOR 17,025 ▼ 1.30% COME 44.89 ▼ 2.22% LOMA NEGRA 3,500 ▼ 2.30% BYMA 308.25 ▼ 1.83% TELECOM ARG 4,250 ▲ 0.12% ECOPETROL 15.90 ▲ 2.05% BANCOLOMBIA 81.20 ▼ 2.11% GRUPO AVAL 4.92 ▼ 2.96% CREDICORP 389.18 ▼ 2.90% SOUTHERN COPPER 174.40 ▼ 0.81% BUENAVENTURA 29.85 ▼ 0.50% MERCADOLIBRE 1,875 ▲ 1.20% NUBANK 13.72 ▼ 0.30% XP 16.37 ▼ 3.28% PAGSEGURO 9.25 ▼ 0.05% STONE 11.14 ▼ 0.67% GLOBANT 32.01 ▲ 6.84% TECNOGLASS 42.94 ▼ 2.19% GAP AIRPORT 233.13 ▼ 1.07% ASUR 279.00 ▼ 2.15% OMA AIRPORT 106.19 ▼ 1.71% AMX ADR 26.03 ▲ 0.07% FEMSA ADR 128.29 ▲ 0.49% CEMEX ADR 12.37 ▼ 0.92% PETROBRAS ADR 17.88 ▲ 3.20% VALE ADR 14.14 ▼ 2.25% ITAU ADR 8.51 ▼ 1.33% SANTANDER BR 5.34 ▼ 1.02% AMBEV ADR 3.07 ▼ 0.16% CSN 1.03 ▲ 1.49% GERDAU 4.48 ▼ 0.56% LATAM ADR 53.79 ▼ 4.72% BTC 61,954 ▼ 2.83% ETH 1,764 ▼ 2.32% SOL 74.75 ▼ 2.76% XRP 1.06 ▼ 2.31% BNB 564.01 ▼ 1.73% ADA 0.16 ▼ 2.94% DOGE 0.07 ▼ 1.81% AVAX 6.44 ▲ 0.59% LINK 7.85 ▼ 1.80% DOT 0.83 ▼ 1.45% LTC 43.05 ▼ 2.09% BCH 235.60 ▼ 1.82% TRX 0.33 ▼ 1.69% XLM 0.18 ▼ 2.65% HBAR 0.07 ▼ 1.94% NEAR 1.89 ▼ 0.03% ATOM 1.53 ▼ 1.92% AAVE 94.30 ▼ 2.85% SELIC 14.25% EMBRAER 82.66 ▼ 2.29% EMBRAER ADR 64.47 ▼ 2.33% JBS 11.77 ▼ 1.22% JBS BDR 60.27 ▼ 0.84% MBRF3 15.93 ▲ 2.44% MBRFY 3.07 ▲ 1.66% INTER 5.62 ▼ 3.44% EGX 52,608 ▲ 0.67% USD/ZAR 16.44 ▲ 0.56% USD/NGN 1,378 ▲ 0.15% NIKKEI 67,243 ▼ 1.92% CSI300 4,695 ▼ 1.79% HSI 24,214 ▲ 0.16% NIFTY 24,211 ▲ 0.02% KOSPI 6,807 ▼ 8.95% JCI 6,038 ▲ 1.92% USD/JPY 162.36 ▲ 0.42% USD/CNY 6.7709 ▲ 0.06% DAX 25,114 ▲ 0.19% CAC 8,365 ▲ 0.31% FTSE 10,498 ▲ 0.01% MIB 52,809 ▲ 0.37% IBEX 19,336 ▼ 0.25% STOXX 641.01 ▼ 0.01% EUR/USD 1.1391 ▼ 0.25% GBP/USD 1.3361 ▼ 0.28% SPX 7,521 ▼ 0.71% DJI 52,493 ▼ 0.27% NDX 29,284 ▼ 1.82% RUT 2,952 ▼ 0.86% TSX 35,236 ▼ 0.20% VIX 16.93 ▲ 12.64% USD/CAD 1.4150 ▼ 0.01% US10Y 4.6120 ▲ 0.94%
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Ecuador’s Ex-President Correa Sentenced to Eight Years in Prison for Corruption

By · April 9, 2020 · 2 min read

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RIO DE JANEIRO, BRAZIL – Rafael Correa, Ecuador‘s former left-wing president, and his former vice-president, Jorge Glas, were each sentenced yesterday to eight years in prison.

Ecuador's ex-president, Rafael Correa (left) and his former vice-president, Jorge Glas (right).
Ecuador’s ex-president, Rafael Correa (left) and his former vice-president, Jorge Glas (right). (Photo: internet reproduction)
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They are also forbidden from holding political office for 25 years. The lower court found them guilty of corruption and sentenced them in the so-called 2012-2016 Briberies (Sobornos) case.

The defendants were found guilty of inciting the crime of passive bribery. According to the judges, the bribery case involves a corruption network set up under the Correa government and involving national and international companies such as the Brazilian construction giant Odebrecht.

In addition to Correa and Glas, 18 other people were convicted, including Ministers and deputies from Correa’s administration. In return for being awarded public tenders, a number of companies are said to have paid money to the then ruling party Alianza País (AP). The AP allegedly used these funds illegally for election campaigns between 2012 and 2016.

However, the Electoral Commission had announced after a review that no irregularities had been detected.

The main witness for the prosecution is Correa’s former employee Pamela Martínez. A diary is said to prove the flow of funds. Martínez had agreed to cooperate with the Prosecutor’s Office expecting a reduction in her sentence. However, according to the defense, this diary is forged and is therefore insufficient evidence.

Correa himself suspects that this case was designed to prevent him from returning to Ecuador and participating in next year’s presidential elections.

He has been living in Belgium since 2017 and applied for asylum there in 2018, claiming that he would face political persecution. Only a few days ago, Correa had reiterated his intention to return to Ecuador at the end of the year in order to register for the legislative and presidential elections in February 2021.

This ruling came in the midst of a dramatic health crisis: According to official figures, there have already been 191 deaths and 3,747 confirmed infections caused by the novel coronavirus SARS-CoV-2.

However, the reality on the streets, particularly in Guayaquil, raises suspicions about much higher figures.

Attorney Eduardo Franco Loor has his doubts about the evidence in the case: “There is no evidence against ex-President Correa because he acted according to the law in his capacity as constitutional President of the Republic”.

According to Loor, the incumbent government has falsified a number of pieces of evidence, which are irrelevant and should be rejected by the judges.

Jorge Glas had been re-elected as vice president with President Lenín Moreno in May 2017, but in December 2017 he was sentenced to six years in prison in a highly controversial trial. He is being held in the high-security prison of Latacunga. Earlier this year, the Inter-American Commission on Human Rights (CIDH) called on the government to better protect Glas and to reconsider detention terms.

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