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Former Governor of Ecuador's Central Bank

Pedro Delgado

Mossack Fonseca sought lawyer to approve mortgage loan

Related to  Ecuador
Data from: Panama Papers
Pedro Miguel Delgado Campaña is the former president of the Central Bank of Ecuador and the cousin of Ecuador's President Rafael Correa. In 2013, Delgado admitted to falsifying educational qualifications, an offense for which he could be imprisoned if convicted on pending fraud charges. Delgado now lives in the United States, from which Ecuadorian authorities continue to seek his extradition for charges related to the forged university degree.

In the data

Over the course of 2012, Mossack Fonseca client Austrobank Panama S.A., a subsidiary bank of Grupo Eljuri, one of the largest business conglomerates in Ecuador, processed a mortgage loan on behalf of Delgado and his wife María Verónica Endara. She was then vice consul general of Ecuador in Miami. The $190,000 mortgage was to purchase a house in North Miami Beach. At the time, Delgado served as governor of the Central Bank of Ecuador. An agent of Austrobank emailed Mossack Fonseca to obtain legal advice . The first law firm contacted by Mossack Fonseca declined to process the loan, saying the borrower was refusing to agree to standard conditions in the mortgage documents. “There are just too many holes in this transaction”, wrote the lawyer. “I have concerns over the borrower’s objections here. Something just doesn’t smell right here in my opinion,” he added. But Mossack Fonseca found another lawyer who recorded the mortgage in Miami. Delgado confirmed to Univision that he owned property in Miami.


Delgado did not respond to repeated requests for comment.
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