On Thursday morning, the People’s and Community Development Bank auctioned off three properties of Juan Carlos Bolaños Rojas, a Chinese cement importer. The properties were part of Trust I-5005/2015 of Banco Improsa and were signed to guarantee a loan for $4,457,352.60 granted to Bolaños.
As the cement importer failed to pay the loan, the bank proceeded to terminate the guarantee consisting of three properties: one located in Grecia, another one Alajuela, and two located at Tempate Ranch in Guanacaste.
Bolaños Rojas could have avoided the auction with the payment of his outstanding fees, as well as taxes, fees and other expenses caused by the Trust. However, he did not.
The auction of properties was held from 11:30 a.m. in the offices of the Department of Trusts of Banco Improsa Sociedad Anónima, in Barrio Escalante.
In April this year, CRHoy.com reported that Banco Popular also lent money to the cement importer, who also received two lines of credit for more than $30 million in the Bank of Costa Rica. For the Popular credit, Bolaños had set as collateral a property valued at only $2.5 million, that is, half of what was lent to him. Shortly after, Bolaños approached Popular and extended the guarantee that was executed today.