Thousands of Koriun victims denounce the passivity of the CNBS

The outrage of more than 35,000 Hondurans affected by the Koriun Inversiones pyramid scam continues to grow, while the National Banking and Insurance Commission (CNBS) faces criticism for its inaction in the face of the fraud. Those affected denounce the abandonment by the body responsible for financial supervision and accuse both the judicial and administrative authorities of failing to respond.

Inaction by CNBS regarding fraudulent activities

Since the first signs of irregularities at Koriun began to be reported, the CNBS was aware of the situation but failed to take effective measures to prevent the scale of the fraud. Despite receiving formal warnings, the supervisory body allowed the scam to grow unchecked for several months. To date, those responsible for the fraud remain at large, and the victims continue to have no answers or guarantees of justice.

“They assured us they would look into it, they assured measures would be taken, yet the CNBS has been passive through negligence. We remain without solutions, without funds, without fairness,” one of the impacted individuals expressed to the press. This sense of neglect resonates with numerous people, who believe they have been let down both by those at Koriun who are directly accountable and the authorities who, they claim, ought to have acted sooner.

Absence of openness and doubts about accountability

One of the primary grievances of those impacted is the absence of clarity from CNBS. Even with official complaints and investigations underway, the agency has yet to release a public document outlining the misconduct or regulatory lapses that enabled Koriun to operate for such an extended period. This opacity has intensified doubts that certain financial operators implicated in the fraud might be under political protection.

Numerous areas of the nation have criticized that the CNBS not only overlooked identifying the misconduct promptly, but has also been negligent in delivering essential details regarding its management of the issue. As stated by a legal representative for the victims, this inaction by the regulatory entity only worsens the scenario: “It is intolerable that a regulatory body missed spotting a swindle of such scale in a timely manner. Not only did they neglect to thwart it, but currently, they are neglecting to fulfill their duties.”

Demands for global involvement

Faced with institutional vacuum and growing frustration among those affected, several groups of victims have decided to take their claims beyond national borders. Civil society organizations and affected individuals are formally requesting the support of international bodies such as the Organization of American States (OAS), the United Nations (UN), and Transparency International. The intention of these requests is for these bodies to monitor the handling of the crisis and, in particular, the attitude of Honduran institutions towards the Koriun scandal.

A spokesperson for the impacted individuals expressed: “The government must safeguard its people, not shield wrongdoers. This is a dual offense: the misdeed by Koriun and the negligence of the CNBS for not taking action.” This opinion showcases doubt regarding the national authorities’ capability to address fraud and guarantee fair treatment.

Organizational conflicts and the difficulty of management

The scenario once more highlights the weaknesses of the financial oversight system in Honduras and the frictions within the entities accountable for upholding transparency and justice. The absence of a robust reaction from the CNBS signifies a shortfall in the state’s ability to manage situations of this sort, potentially leading to wider repercussions concerning trust in financial institutions and the governance of the country.

Those impacted are still anticipating a resolution that will enable them to regain their losses and ensure that the individuals responsible for the deception are held accountable. The absence of decisive measures and the lack of transparency surrounding the situation highlight an ongoing issue for Honduran officials: how to rebuild public trust amidst increasing skepticism in managing crises like these.