Credicorp's incoming CEO named in preliminary probe on alleged corruption case

Peru-based Credicorp Ltd. said a local prosecutor's office informed Deputy General Manager and incoming CEO Gianfranco Ferrari de las Casas that he was included in the preparatory investigation on alleged criminal activities linked to the financial advisory services provided by unit Banco de Crédito del Perú SA to the Olmos irrigation project.

Aside from Ferrari, the prosecutor also notified former Peruvian Prime Minister Yehude Simon and 65 other individuals regarding the preliminary investigation.

The Olmos project is part of government-led programs being investigated under the Lava Jato operation, a corruption probe that started in Brazil but has extended its reach to other Latin American countries.

In a statement, Credicorp said it has reviewed the performance of Banco de Crédito del Perú officers related to the Olmos project "and has concluded that the facts under investigation do not give rise to any liability of [the bank] or its officers."

The preparatory case will also not have "any impact on the normal operation of our institution," according to Credicorp.

Ferrari was named the company's next CEO in June, and will take over the role at the start of 2022. He also serves as the general manager of Banco de Crédito del Perú.