Geneva Trust Company Pursues $50 Million in Assets in Puerto Rico Bancrédito Case
MIAMI, March 27, 2026 /PRNewswire/ -- Representatives of Geneva Trust Company, a Swiss fiduciary entity that manages the assets of the Trust to which Bancrédito Holding Corporation (BHC)—the bank's sole shareholder—belongs, will travel in the coming weeks to Puerto Rico to request an in-person meeting with the Office of the Commissioner of Financial Institutions (OCIF) and Driven Administrative Services, MP Publishing reports.
The objective is to pursue the return of assets valued at more than $50 million, which remained after the bank repaid each of its depositors. Despite written communications between the parties over the past four years, and the active ongoing legal proceedings by the bank, there has been no progress in the restitution of those assets. Responsibility lies with the authorities that initiated the bank's liquidation process, including assets, cash and pieces from an art collection, such as "Our Lady of New York" by Fernando Botero.
Luis Zapata, president of BHC, confirmed that Geneva Trust executives will visit BHC's headquarters in New York, Miami and Puerto Rico. "The objective is to demand, on behalf of the Trust's beneficiaries managed by Geneva, the immediate return of the assets that legally belong to them," he said.
Zapata recalled that the liquidation process of Bancrédito International Bank & Trust Corporation, initiated in 2022, established that once depositors were reimbursed, the remaining assets were to revert to the bank. However, Driven Administrative Services has retained control over—and sold without authorization—part of those assets.
BHC has filed lawsuits against Driven for breach of fiduciary duties and against the law firms McConnell Valdés, Holland & Knight, and McDermott Will & Schulte for negligence that resulted in a multimillion-dollar fine imposed by FinCEN. "Following the pardon that fully restored the legal status of our founder, we expect that justice will finally prevail and the assets will be returned to their rightful owners," Zapata concluded.
In January 2026, the criminal case against the bank's founder, Julio Herrera Velutini, was fully dismissed after he received a full and unconditional pardon from President Donald J. Trump. White House sources indicated that the investigation constituted an example of "political persecution," as it was initiated just ten days after then–Governor of Puerto Rico Wanda Vázquez publicly endorsed Donald Trump's candidacy in 2020, amid a controversial electoral process.
In the subsequent 2024 elections, the controversy continued with allegations of irregularities. This week, during a hearing before the House Intelligence Committee, Director of National Intelligence Tulsi Gabbard confirmed that her office has taken custody of voting machines for auditing. According to her statement, the seizure was carried out at the request of the U.S. Attorney for Puerto Rico.
SOURCE MP Publishing
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