Media News - Wednesday, July 09, 2008
Ecuador seizes TV stations, companies
Ecuador's government seized three television stations and 195 businesses on Tuesday to collect debts stemming from a bank failure in the 1990s. The economy minister resigned just hours before the takeover. In raids backed by dozens of police, Ecuador's state banking agency took over TC Television, TC Noticias and Gamavision stations, along with dozens of insurance, construction and real estate businesses owned outright or in part by Quito's Isaias family. Isaias brothers William and Roberto, both bankers, are now facing embezzlement charges linked to the 1998 collapse of Filanbanco, once one of Ecuador's biggest banks. Leftist President Rafael Correa said the seized media outlets and Isaias companies owe the government millions of dollars and will likely be auctioned off to repay depositors who lost money when Filanbanco failed. The three TV stations are operated by relatives of fugitives William and Roberto Isaias, who fled to the U.S. after the bank collapsed. Ecuador has asked the U.S. to extradite them. (AP via ABC News)
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