IPS internal audit challenges claims against Banco Atlas in trust case

An internal audit conducted by the Institute of Social Security (IPS) appears to contradict persistent accusations leveled against Banco Atlas concerning a financial trust. Documents, testimonies, and technical reports suggest that the narrative used to attack Banco Atlas, a member of the Grupo Azeta, has been dismantled by IPS's own internal review.

The audit reportedly highlights that IPS acted in a dual capacity as both the trustor and the beneficiary of the trust. Transactions, including those for alleged "unbudgeted" works, were carried out under the explicit disposition of the IPS Administrative Council, the institution's highest authority. Former IPS officials have provided documented defenses, asserting that Banco Atlas functioned solely as an intermediary between the health and retirement funds and the trust. These defenses argue that the bank had no direct control over the funds or their allocation, and all actions were executed without Atlas's interference.

According to these accounts, the audit's attempts to implicate Banco Atlas in financial damages were unsuccessful. Rolando Coronel, former Finance and Administration Manager at IPS, stated that all management was performed in accordance with resolutions from the Administrative Council and established legal frameworks. Although the internal audit, led by Alicia Olazar, reportedly stood by its observation regarding the use of trust resources, it allegedly clarified that no patrimonial damage was identified. In a bid to involve Atlas, the audit reportedly invoked a legal article suggesting the bank should have advised IPS on best practices, a point contested by former officials.

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We categorically reject the observation and the existence of any irregularity (...) since all management has been carried out in accordance with the Resolutions of the Administrative Council and the norms established by law 1535/99 and its respective regulations.