Afcoop published 21 comments on Comteco's discontinuation

After a supervisory and inspection process, the Cooperative Supervision and Control Authority (Afcoop) published 21 observations on the contractual and administrative procedures of the Cochabamba Telecommunications Cooperative (Comteco).

In its special administrative resolution 171/2021 of September 27 this year, Afcoop gives the cooperative a period of 60 days to submit reports and supporting documents to clarify the observations. In addition, 25 recommendations are submitted.

Cesar Cabrera, constitutional lawyer and treasurer of the board of directors, said that Afcoop had found some issues that needed clarification. He pointed out that there were only indications and that the institution would have to report them in the event of confirmation in criminal proceedings. “Most of the cases are formal and substantive observations, Comteco is already working on providing an answer with evidence,” he said.

Afcoop reviewed Comteco’s documentation on August 11, 12 and 13, 2021; it has set up a supervisory commission for this purpose.

Observations

The most important observations are the signing of the contract with INET SRL for 9.9 million dollars, which would harm the interests of the partners.

It also notes that Comteco failed to present the minutes of the Extraordinary General Meeting in which the intention to sell Nuevatel shares at a reference price of $ 76 million was in turn approved by On Capital Company. The minutes of the meeting approving the company’s hiring of shares are not attached, bearing in mind that 6 percent of the commission the company will receive is 31,737,600 Bolivians.

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It also indicates that, in parallel with the purpose of the cooperative, Comteco carries out activities that generate additional income that was not approved by the Extraordinary General Assembly and registered with Afcoop.

It also takes into account the CAL GT 1/2018 contract signed with INET for the provision, installation and commissioning of nodes for the technological renewal of TDM lines by INET RL in the amount of 8,067,242 dollars. For this reason, the cooperative has to prepare its feasibility project for the mentioned project.

The salary sheets from 2018 to 2020 denote positions in the management areas where it can be seen that these have increased, in turn there are monthly salaries that are around 21,600 and 50,000 Bolivians.

The economic allocations remained constant from 2018 to 2021, meaning each director receives 1,055 Bolivians per meeting. They have been shown to hold 12 regular monthly meetings and 12 extraordinary meetings per year, with an estimated budget of economic allocations for both meetings reaching 1,935,460 Bolivians. Afcoop considers these expenses to be high and overestimates the statement of expenses in the annual accounts.

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Following this report, the current Directors requested various reports and external reviews.

YOU deny mismanagement at COMTECO

Regarding Afcoop’s administrative decision, Víctor Hugo Franco, Chairman of the Board of Directors of Comteco, rejected all allegations.

He assured that the Afcoop report was badly done because they had superficially examined the documents and announced that they would send a report to the institution with the documents proving the legality and the usefulness of the contracts to Comteco.

Afcoop, a state institution, aims to promote their development and protection for the benefit of its employees and employees as well as the population, in order to ensure continuity and quality in the provision of services in accordance with Act 356 Framework for Cooperatives.

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