IBOV 173,671 ▼ 0.79% IPSA 10,916 ▲ 0.17% IPC MEX 68,157 ▼ 1.03% MERVAL 3,131,242 ▲ 1.35% COLCAP 2,182.57 ▼ 0.56% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.04 ▲ 0.08% USD/MXN 17.35 ▲ 0.16% USD/CLP 890.30 ▼ 0.15% USD/COP 3,704 ▲ 1.89% USD/PEN 3.40 ▼ 0.16% USD/ARS 1,409 ▼ 0.04% USD/UYU 40.13 ▲ 1.58% USD/PYG 5,998 ▼ 0.32% USD/BOB 6.86 ▲ 1.81% USD/DOP 58.15 ▲ 0.12% USD/CRC 451.23 ▲ 2.38% USD/GTQ 7.62 ▲ 2.23% USD/HNL 26.63 ▲ 1.72% USD/NIO 36.62 ▲ 0.71% USD/VES 548.00 ▲ 2.48% USD/PAB 1.00 ▲ 2.20% USD/BZD 2.00 ▲ 1.63% USD/JMD 155.98 ▲ 0.02% USD/TTD 6.75 ▲ 1.33% EUR/BRL 5.88 ▼ 0.13% BRENT 90.88 ▼ 3.02% WTI 87.01 ▼ 2.13% IRON ORE 161.91 — — COPPER 6.38 ▼ 0.20% GOLD 4,596 ▲ 2.15% SILVER 75.92 ▲ 0.36% SOY 1,185 ▼ 0.80% CORN 445.50 ▼ 2.25% WHEAT 610.75 ▼ 2.12% COFFEE 266.05 ▼ 2.99% SUGAR 14.07 ▲ 1.01% ORANGE JUICE 160.45 ▼ 4.86% COTTON 76.25 ▼ 0.68% COCOA 3,911 ▼ 4.59% BEEF 239.65 ▼ 4.04% CATTLE 349.50 ▼ 1.00% LITHIUM 87.54 ▲ 0.05% PETR4 42.02 ▼ 1.15% VALE3 82.86 ▼ 1.31% ITUB4 39.98 ▼ 0.05% BBDC4 17.77 ▼ 0.73% ABEV3 16.18 ▼ 0.68% BBAS3 20.56 ▼ 0.15% B3SA3 16.44 ▼ 0.36% WEGE3 43.94 ▲ 0.50% PRIO3 62.14 ▼ 1.32% SUZB3 41.55 ▼ 0.34% RENT3 41.75 ▼ 2.50% AZZA3 19.20 ▼ 3.27% CSAN3 3.79 ▼ 3.81% RAIZ4 0.34 — 0.00% PCAR3 1.89 ▼ 3.57% GMAT3 4.28 ▲ 3.38% PSSA3 48.49 ▲ 0.44% CVCB3 1.45 ▼ 9.38% POSI3 4.07 ▼ 1.69% SLCE3 15.56 ▼ 2.14% NATU3 9.91 ▼ 1.88% BRKM5 10.66 ▼ 4.22% RANI3 8.02 ▲ 1.01% CSNA3 6.73 ▼ 1.03% CMIN3 4.70 — 0.00% USIM5 10.88 ▲ 2.16% GGBR4 22.93 ▼ 2.43% ENEV3 24.92 ▼ 0.32% NEOE3 33.80 — 0.00% CPFE3 42.69 ▼ 0.79% CMIG4 11.09 ▲ 0.36% EQTL3 38.18 ▼ 0.05% LREN3 15.05 ▲ 0.33% VIVT3 33.26 ▼ 1.01% RAIL3 13.71 ▼ 1.01% KLABIN 16.70 ▲ 0.18% RAIA DROGASIL 18.89 ▼ 0.32% RDOR3 33.68 ▼ 2.29% HAPV3 11.93 ▼ 4.41% FLRY3 15.38 ▼ 2.29% SMTO3 16.86 ▼ 1.75% UGPA3 26.17 ▼ 2.75% VBBR3 29.85 ▼ 3.43% BBSE3 34.97 ▲ 1.13% BPAC11 54.00 ▼ 0.55% CURY3 31.91 ▼ 0.84% AERI3 2.33 ▲ 0.43% VIVARA 21.88 ▼ 1.22% COMPASS 26.63 ▼ 1.33% VAMOS 3.11 ▼ 2.51% SANB11 27.50 ▲ 1.03% ASAI3 8.79 ▼ 2.12% SBSP3 27.73 ▼ 1.53% WALMEX 52.12 ▼ 0.65% GMEXICO 212.33 ▲ 0.25% FEMSA 207.40 ▼ 1.15% CEMEX 22.92 ▲ 0.92% GFNORTE 178.62 ▼ 3.51% BIMBO 60.14 ▲ 2.26% TELEVISA 9.44 ▼ 2.58% AMX 21.83 ▼ 2.54% GAP 405.80 ▼ 1.90% ASUR 296.34 ▼ 1.43% OMA 217.08 ▼ 0.64% KOF 186.66 ▲ 0.52% GRUMA 292.84 ▼ 0.23% KIMBER 38.20 ▼ 0.13% SQM-B 77,820 ▲ 3.25% COPEC 6,619 ▲ 0.90% BSANTANDER 70.73 ▼ 0.94% FALABELLA 5,900 ▲ 0.42% ENELAM 78.04 ▼ 1.20% CENCOSUD 2,155 ▼ 1.15% CMPC 1,120 — 0.00% BANCO CHILE 169.80 ▼ 1.57% LATAM AIR 23.89 ▲ 0.55% YPF 77,900 ▲ 1.07% GGAL 7,425 ▲ 2.63% PAMPA 5,015 ▲ 0.55% TXAR 670.00 ▼ 0.07% ALUAR 1,000 ▼ 0.50% TGS 9,080 ▼ 0.55% CEPU 2,291 ▲ 1.55% MIRGOR 16,900 ▲ 0.75% COME 47.85 ▲ 1.61% LOMA NEGRA 3,565 ▲ 1.71% BYMA 293.50 ▲ 0.26% TELECOM ARG 4,350 ▲ 6.10% ECOPETROL 14.60 ▼ 1.15% BANCOLOMBIA 69.69 ▲ 0.72% GRUPO AVAL 4.66 ▼ 0.64% CREDICORP 345.24 ▲ 1.10% SOUTHERN COPPER 190.81 ▼ 2.09% BUENAVENTURA 36.78 ▲ 5.06% MERCADOLIBRE 1,699 ▲ 0.21% NUBANK 13.16 ▲ 0.84% XP 16.65 ▼ 1.86% PAGSEGURO 9.40 ▲ 0.73% STONE 11.43 ▲ 0.84% GLOBANT 40.58 ▲ 1.63% TECNOGLASS 43.66 ▼ 1.26% GAP AIRPORT 234.05 ▼ 1.71% ASUR 296.34 ▼ 1.43% OMA AIRPORT 100.03 ▼ 0.69% AMX ADR 25.11 ▼ 2.66% FEMSA ADR 119.34 ▼ 1.26% CEMEX ADR 13.15 ▲ 0.69% PETROBRAS ADR 18.65 ▼ 0.96% VALE ADR 16.39 ▼ 1.00% ITAU ADR 7.91 ▲ 0.32% SANTANDER BR 5.47 ▲ 0.37% AMBEV ADR 3.20 ▼ 0.16% CSN 1.35 ▼ 1.10% GERDAU 4.53 ▼ 2.50% LATAM ADR 53.53 ▲ 0.75% BTC 74,122 ▲ 0.80% ETH 2,037 ▲ 1.47% SOL 82.97 ▲ 1.20% XRP 1.33 ▲ 1.12% BNB 643.61 ▲ 0.96% ADA 0.24 ▲ 0.46% DOGE 0.10 ▲ 1.16% AVAX 8.96 ▲ 0.53% LINK 9.11 ▲ 1.36% DOT 1.23 ▲ 1.17% LTC 52.15 ▲ 1.09% BCH 307.11 ▲ 2.42% TRX 0.34 ▼ 2.44% XLM 0.21 ▲ 4.30% HBAR 0.09 ▲ 0.80% NEAR 2.61 ▲ 8.11% ATOM 2.03 ▼ 1.64% AAVE 83.50 ▲ 3.49% SELIC 14.50% EMBRAER 73.58 ▼ 0.03% EMBRAER ADR 58.32 ▼ 0.14% JBS 12.56 ▼ 2.94% JBS BDR 63.31 ▼ 2.64% MBRF3 15.74 ▼ 3.38% MBRFY 3.14 ▼ 2.79% INTER 6.13 ▼ 3.31% IBOV 173,671 ▼ 0.79% IPSA 10,916 ▲ 0.17% IPC MEX 68,157 ▼ 1.03% MERVAL 3,131,242 ▲ 1.35% COLCAP 2,182.57 ▼ 0.56% BVL PERÚ 34,836.62 ▲ 0.71% USD/BRL 5.04 ▲ 0.08% USD/MXN 17.35 ▲ 0.16% USD/CLP 890.30 ▼ 0.15% USD/COP 3,704 ▲ 1.89% USD/PEN 3.40 ▼ 0.16% USD/ARS 1,409 ▼ 0.04% USD/UYU 40.13 ▲ 1.58% USD/PYG 5,998 ▼ 0.32% USD/BOB 6.86 ▲ 1.81% USD/DOP 58.15 ▲ 0.12% USD/CRC 451.23 ▲ 2.38% USD/GTQ 7.62 ▲ 2.23% USD/HNL 26.63 ▲ 1.72% USD/NIO 36.62 ▲ 0.71% USD/VES 548.00 ▲ 2.48% USD/PAB 1.00 ▲ 2.20% USD/BZD 2.00 ▲ 1.63% USD/JMD 155.98 ▲ 0.02% USD/TTD 6.75 ▲ 1.33% EUR/BRL 5.88 ▼ 0.13% BRENT 90.88 ▼ 3.02% WTI 87.01 ▼ 2.13% IRON ORE 161.91 — — COPPER 6.38 ▼ 0.20% GOLD 4,596 ▲ 2.15% SILVER 75.92 ▲ 0.36% SOY 1,185 ▼ 0.80% CORN 445.50 ▼ 2.25% WHEAT 610.75 ▼ 2.12% COFFEE 266.05 ▼ 2.99% SUGAR 14.07 ▲ 1.01% ORANGE JUICE 160.45 ▼ 4.86% COTTON 76.25 ▼ 0.68% COCOA 3,911 ▼ 4.59% BEEF 239.65 ▼ 4.04% CATTLE 349.50 ▼ 1.00% LITHIUM 87.54 ▲ 0.05% PETR4 42.02 ▼ 1.15% VALE3 82.86 ▼ 1.31% ITUB4 39.98 ▼ 0.05% BBDC4 17.77 ▼ 0.73% ABEV3 16.18 ▼ 0.68% BBAS3 20.56 ▼ 0.15% B3SA3 16.44 ▼ 0.36% WEGE3 43.94 ▲ 0.50% PRIO3 62.14 ▼ 1.32% SUZB3 41.55 ▼ 0.34% RENT3 41.75 ▼ 2.50% AZZA3 19.20 ▼ 3.27% CSAN3 3.79 ▼ 3.81% RAIZ4 0.34 — 0.00% PCAR3 1.89 ▼ 3.57% GMAT3 4.28 ▲ 3.38% PSSA3 48.49 ▲ 0.44% CVCB3 1.45 ▼ 9.38% POSI3 4.07 ▼ 1.69% SLCE3 15.56 ▼ 2.14% NATU3 9.91 ▼ 1.88% BRKM5 10.66 ▼ 4.22% RANI3 8.02 ▲ 1.01% CSNA3 6.73 ▼ 1.03% CMIN3 4.70 — 0.00% USIM5 10.88 ▲ 2.16% GGBR4 22.93 ▼ 2.43% ENEV3 24.92 ▼ 0.32% NEOE3 33.80 — 0.00% CPFE3 42.69 ▼ 0.79% CMIG4 11.09 ▲ 0.36% EQTL3 38.18 ▼ 0.05% LREN3 15.05 ▲ 0.33% VIVT3 33.26 ▼ 1.01% RAIL3 13.71 ▼ 1.01% KLABIN 16.70 ▲ 0.18% RAIA DROGASIL 18.89 ▼ 0.32% RDOR3 33.68 ▼ 2.29% HAPV3 11.93 ▼ 4.41% FLRY3 15.38 ▼ 2.29% SMTO3 16.86 ▼ 1.75% UGPA3 26.17 ▼ 2.75% VBBR3 29.85 ▼ 3.43% BBSE3 34.97 ▲ 1.13% BPAC11 54.00 ▼ 0.55% CURY3 31.91 ▼ 0.84% AERI3 2.33 ▲ 0.43% VIVARA 21.88 ▼ 1.22% COMPASS 26.63 ▼ 1.33% VAMOS 3.11 ▼ 2.51% SANB11 27.50 ▲ 1.03% ASAI3 8.79 ▼ 2.12% SBSP3 27.73 ▼ 1.53% WALMEX 52.12 ▼ 0.65% GMEXICO 212.33 ▲ 0.25% FEMSA 207.40 ▼ 1.15% CEMEX 22.92 ▲ 0.92% GFNORTE 178.62 ▼ 3.51% BIMBO 60.14 ▲ 2.26% TELEVISA 9.44 ▼ 2.58% AMX 21.83 ▼ 2.54% GAP 405.80 ▼ 1.90% ASUR 296.34 ▼ 1.43% OMA 217.08 ▼ 0.64% KOF 186.66 ▲ 0.52% GRUMA 292.84 ▼ 0.23% KIMBER 38.20 ▼ 0.13% SQM-B 77,820 ▲ 3.25% COPEC 6,619 ▲ 0.90% BSANTANDER 70.73 ▼ 0.94% FALABELLA 5,900 ▲ 0.42% ENELAM 78.04 ▼ 1.20% CENCOSUD 2,155 ▼ 1.15% CMPC 1,120 — 0.00% BANCO CHILE 169.80 ▼ 1.57% LATAM AIR 23.89 ▲ 0.55% YPF 77,900 ▲ 1.07% GGAL 7,425 ▲ 2.63% PAMPA 5,015 ▲ 0.55% TXAR 670.00 ▼ 0.07% ALUAR 1,000 ▼ 0.50% TGS 9,080 ▼ 0.55% CEPU 2,291 ▲ 1.55% MIRGOR 16,900 ▲ 0.75% COME 47.85 ▲ 1.61% LOMA NEGRA 3,565 ▲ 1.71% BYMA 293.50 ▲ 0.26% TELECOM ARG 4,350 ▲ 6.10% ECOPETROL 14.60 ▼ 1.15% BANCOLOMBIA 69.69 ▲ 0.72% GRUPO AVAL 4.66 ▼ 0.64% CREDICORP 345.24 ▲ 1.10% SOUTHERN COPPER 190.81 ▼ 2.09% BUENAVENTURA 36.78 ▲ 5.06% MERCADOLIBRE 1,699 ▲ 0.21% NUBANK 13.16 ▲ 0.84% XP 16.65 ▼ 1.86% PAGSEGURO 9.40 ▲ 0.73% STONE 11.43 ▲ 0.84% GLOBANT 40.58 ▲ 1.63% TECNOGLASS 43.66 ▼ 1.26% GAP AIRPORT 234.05 ▼ 1.71% ASUR 296.34 ▼ 1.43% OMA AIRPORT 100.03 ▼ 0.69% AMX ADR 25.11 ▼ 2.66% FEMSA ADR 119.34 ▼ 1.26% CEMEX ADR 13.15 ▲ 0.69% PETROBRAS ADR 18.65 ▼ 0.96% VALE ADR 16.39 ▼ 1.00% ITAU ADR 7.91 ▲ 0.32% SANTANDER BR 5.47 ▲ 0.37% AMBEV ADR 3.20 ▼ 0.16% CSN 1.35 ▼ 1.10% GERDAU 4.53 ▼ 2.50% LATAM ADR 53.53 ▲ 0.75% BTC 74,122 ▲ 0.80% ETH 2,037 ▲ 1.47% SOL 82.97 ▲ 1.20% XRP 1.33 ▲ 1.12% BNB 643.61 ▲ 0.96% ADA 0.24 ▲ 0.46% DOGE 0.10 ▲ 1.16% AVAX 8.96 ▲ 0.53% LINK 9.11 ▲ 1.36% DOT 1.23 ▲ 1.17% LTC 52.15 ▲ 1.09% BCH 307.11 ▲ 2.42% TRX 0.34 ▼ 2.44% XLM 0.21 ▲ 4.30% HBAR 0.09 ▲ 0.80% NEAR 2.61 ▲ 8.11% ATOM 2.03 ▼ 1.64% AAVE 83.50 ▲ 3.49% SELIC 14.50% EMBRAER 73.58 ▼ 0.03% EMBRAER ADR 58.32 ▼ 0.14% JBS 12.56 ▼ 2.94% JBS BDR 63.31 ▼ 2.64% MBRF3 15.74 ▼ 3.38% MBRFY 3.14 ▼ 2.79% INTER 6.13 ▼ 3.31%
since 2009
Friday, May 29, 2026

Ecuador Jails the Mayor of Its Largest City

By · March 9, 2026 · 4 min read

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Key Points
Aquiles Álvarez, the mayor of Guayaquil — Ecuador’s most populous city and economic engine — has been held in a highland prison since February 10, now facing two separate criminal investigations
A court this week added a second preventive detention order after prosecutors proved he had removed his electronic ankle monitor, while the underlying cases allege a fuel-smuggling ring and a money laundering network worth $61 million
The opposition calls the prosecution a political vendetta by President Daniel Noboa against his most vocal critic; the government says it is routine law enforcement against credible evidence of corruption

Before dawn on February 10, police broke down the door of one of Ecuador’s most powerful politicians. By the time Guayaquil — a sweltering Pacific port city of nearly three million people — woke up, its mayor was in handcuffs, his brothers were in custody, and investigators had carted away phones, cash, and documents from multiple locations across the province.

A month later, Aquiles Álvarez remains locked inside the Cotopaxi prison, high in the Andean highlands, hundreds of kilometres from the city he was elected to lead. On March 8, a criminal court added a second layer to his detention: a new preventive prison order in a fuel-smuggling case, on top of the money laundering charges that put him there in the first place.

Two Cases, One Family Business

Álvarez faces two parallel investigations. The first, dubbed “Triple A,” has been running since 2024 and centres on the alleged illegal trafficking of subsidised fuel. Prosecutors say a network diverted more than 22 million gallons of government-subsidised hydrocarbons, causing $61 million in losses to the state. The government’s complaint names companies in which Álvarez and two of his brothers — Antonio and Xavier — hold stakes.

Ecuador Jails the Mayor of Its Largest City. (Photo Internet reproduction)

The second case, called “Goleada,” is a broader money laundering and tax fraud probe that triggered his February arrest. Prosecutors detained 11 people, including the Álvarez brothers and directors of Barcelona Sporting Club, Ecuador’s most popular football team. The prosecution says the two cases are intertwined: fuel profits allegedly laundered through a web of family companies and the football club.

The Ankle Monitor That Disappeared

The latest court ruling turned on a specific fact. Álvarez had been ordered to wear an electronic ankle monitor as part of the earlier Triple A case, but when police arrived at his home in February, he was not wearing it. Prosecutors presented a technical report from Ecuador’s prison service confirming that Álvarez had removed the device himself — something only authorised officials are permitted to do. The judge ruled this constituted a grave violation of his bail conditions and revoked the alternative measures entirely.

Political Persecution or Law Enforcement?

The case has split Ecuador along familiar political lines. Álvarez was elected mayor in 2023 as the candidate of the Citizen Revolution movement, the left-wing party of former president Rafael Correa. His victory ended 30 years of right-wing rule in Guayaquil and made him one of the most prominent opposition voices against President Daniel Noboa, who won re-election in April 2025.

Álvarez has accused Noboa of orchestrating a vendetta, claiming the government wants to convict him before the October 2026 candidate registration deadline — effectively barring him from seeking re-election or higher office. His deputy mayor, Tatiana Coronel, framed the arrest bluntly: anyone who causes inconvenience to the government will suffer consequences. The Correa-aligned bloc in the National Assembly has called the prosecution a “kidnapping.”

The Government’s Counter-Argument

Noboa’s allies reject the persecution narrative. They point to $61 million in alleged fuel theft, documented corporate holdings, and a defendant caught without his court-ordered ankle monitor. Ecuador’s attorney general has insisted the investigation is evidence-driven. Supporters argue that opposing the government does not grant immunity from criminal law, particularly when the accused ran a family fuel empire before entering politics.

Why This Matters Beyond Ecuador

Guayaquil is not just Ecuador’s largest city — it is the country’s commercial capital and Pacific trade gateway. The city recorded 1,900 homicides in the first nine months of 2025, the worst toll in the nation, and Álvarez had positioned himself as the most prominent critic of Noboa’s militarised security strategy. His removal from the political stage reshapes the opposition landscape at a moment when Ecuador is struggling with record violence, drug trafficking, and a fragile economy.

For a country that has cycled through political crises at dizzying speed in recent years, the jailing of Guayaquil’s mayor is one more test of whether its institutions can separate justice from politics. The answer, as always in Ecuador, depends on whom you ask.

This is part of The Rio Times’ daily coverage of Ecuador news and Latin American financial news.

For more context, read Brazil’s Morning Call and the Chile IPSA report.

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