Ecuador’s government seized three television stations and 195 businesses Tuesday to collect debts stemming from a bank failure in the 1990s.
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 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.
