Revocation of sofipo Sierra Gorda is postponed

It’s been almost a year since the National Baking and Stock Commission (CNBV) located the popular financial society (sofipo) Sierra Gorda Box in category 4 of its early warning scheme, for having a level of capitalization below what is required, which is above 130% for these entities; however, given the clear deterioration of the entity, its savers do not obtain a response from the authorities or from the administration of the institution itself.

According to documents obtained by this means, on January 25 of this 2022 the CNBV notified the SOFIPO administration of category number 4 of the early warning scheme, ordering it to urgently take corrective measures, such as the removal of its general director and the SOFIPO board of directors, as well as other measures to treat to fix the situation of a possible insolvency of the company.

However, apparently these measures did not cause a positive effect on the company’s numbers, since last October the sofipo presented a capitalization index of -6160.6199%, that is, a scenario of potential revocation and dissolution order by The authority.

Based on the exercise of the supervisory powers of this decentralized body, it was determined that repeated breaches at the level of capitalization make clear the risk to the stability and solvency of Sierra Gorda, consequently, to its customers and savers,” it was stated. can read in a document issued by the authority.

In this scenario, there are various complaints that their savers have had, because the entity no longer answers their calls, much less emails, and the representatives of this sofipo have not shown up at the conciliation meetings organized by the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

Summons for revocation

Since last August, the sofipo received the first notices for its revocation process, with which the savers of this entity would receive what corresponds to the deposit insurance for these figures, which protects each saver for up to 25,000 Udis (about 180,000 pesos). and if they have savings greater than that amount, they have to wait for the liquidation of the same entity.

However, four months have passed, along with the deadlines for the hearings that the entity has to respond to the summons, and to date the authority has not given signs of a possible revocation, to the detriment of the entity’s own assets, which last May totaled 119 million pesos.

This is frustrating for savers, since they do not get a response from the entity, nor does it appear that the authority will do anything to help their situation.

As of last May, the entity had a deposit balance of the order of 200 million pesos. Part of these resources was captured by the intermediary GenerateMorewhich recently sent a statement to the investors of this entity, where he explained that in recent weeks the administration of sofipo stopped communicating its situation.

“The latest official information that we have from sofipo is that they were in the process of ‘recapitalization’. In this regard, we have not been able to obtain updated information in recent weeks from the entity. We know that they are no longer having active communication with users, both at the branch and by phone and email,” explained GeneraMás in an email to which this medium had access.

For the moment, and by order of the authority, Sierra Gorda cannot carry out operations that imply the outflow of resources, with the exception of those necessary to acquire personal property necessary for its daily operation.

Neither can it make payment to its shareholders of any dividend, nor carry out any investment or act that implies a transfer of patrimonial assets.

Likewise, it is prohibited to receive deposits from current and new clients of the entity, corresponding to sight deposits, savings, fixed term and others.

The insurance, the problem

According to information from the Condusef itself, sofipo currently has nine branches serving 18,334 clients, located in Baja California Sur, Mexico City, Guanajuato, Jalisco, Nuevo León, Puebla and Querétaro.

In the event of revocation, their savers would have the possibility of accessing insurance managed by the Sofipos Protection Fund (Prosofipo); however, in its last commitment, corresponding to the liquidation of Operadora Reforma’s savers, this entity was not able to cover the balance of the obligation, for which reason many people did not collect their insurance in full.

This was due to the fact that the Prosofipo currently does not have the resources to pay the savers of a sofipo that is revoked, so it was expected that the Ministry of Finance would make a contribution to said body to comply, at least, with the obligations of Operadora Reforma, which was revoked in November 2020.