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Credicorp political donations spur sanction process

Peruvian securities market regulator SMV has begun a sanctioning process against Credicorp Ltd. and subsidiaries Banco de Crédito del Perú and Pacífico Compañía de Seguros y Reaseguros SA after the companies failed to inform the market about the political contributions they had made in two recent elections.

In a statement, Credicorp said the procedure will look into the contributions it had extended to political campaigns in 2011 and 2016. Meanwhile, BCP and Pacífico Seguros separately said the proceeding will investigate their donations to the Peruanos Por el Kambio party during the last election.

Banking and insurance regulator SBS launched a similar investigation on Credicorp in November 2019, after Chairman Dionisio Romero Paoletti told prosecutors during the Lava Jato, or Car Wash, corruption investigation that the company contributed about $3.7 million to the presidential campaign of Keiko Fujimori in 2011.

Romero added that the company donated another $650,000 to the campaigns of PPK led by former Peru President Pedro Pablo Kuczynski, and rival party Fuerza Popular, headed by Fujimori, in 2016.