.jpg?w=1300&resize=1300,540&ssl=1 "The Koriun case")
The recent disclosure of the lack of action by the National Banking and Insurance Commission (CNBS) regarding reports of issues at the Koriun financial institution has ignited significant public discourse in Honduras. The acknowledgment by CNBS President Marcio Sierra of the absence of institutional response to formal warnings has provoked anger among the impacted individuals and raised doubts about the efficiency of the country’s financial regulatory systems.
The Koriun case, which concerns over 35,000 individuals impacted, emphasizes the necessity to enhance regulatory oversight and ensure the responsible authorities are held to account. This scenario has activated social groups, civil organizations, and banking system representatives, all striving to shed light on the events and avert similar occurrences in the future.
Lack of institutional response and requests from impacted individuals
In a public statement, the chief of the CNBS admitted that the organization received no fewer than two official complaints regarding Koriun, but failed to promptly investigate or mitigate the dangers. This admission triggered a series of responses on social media and public forums, where those impacted criticized the government’s lack of concern and called for transparent explanations. The victims, many of whom lost their savings and properties, blame the CNBS for significant oversight and neglect of institutional responsibilities, highlighting that alerts were consciously disregarded.
The controversy has revived the discussion about the efficiency of early warning systems and financial oversight in Honduras, as well as the potential for political involvement or hesitation that may have obstructed prompt action. Consumer groups and experts have raised concerns about how an entity recognized as a pyramid scheme could function for such an extended period without proper controls, even with the presence of formal accusations.
In response, opposition lawmakers announced the filing of a motion to investigate the role of the CNBS in the Koriun case and to summon its president for a formal hearing. Constitutional lawyers have warned that admitting inaction could constitute a crime of omission in the exercise of public office, given the legal obligation to act on signs of fraudulent financial activity.
Several civil society groups have urged the Public Prosecutor’s Office to intervene without delay, demanded an independent review of the CNBS’s conduct, and proposed establishing a special fund to reimburse those who suffered losses, using funds confiscated from those accountable for the fraud. They have additionally sought assistance from global organizations to uphold the rights of the impacted individuals and to avert impunity.
Stance of the banking industry and appeal for precautionary measures
In response to growing public concern, the Honduran Association of Banking Institutions (AHIBA) and banks operating legally in the country have clarified that they have no links with the Koriun financial institution. According to the banking sector, Koriun has not been supervised by the CNBS and is not part of the formal banking system, so banks did not manage funds or have any commercial relationship with that entity.
Koriun appeared on social networks claiming to be an investment platform with high returns, lacking legal support or regulation. It is now regarded as a pyramid scheme that unlawfully gathered millions of lempiras, impacting tens of thousands of Hondurans.
The Honduran banking system has reiterated its commitment to transparency, legality, and the protection of citizens’ savings. It has also called on the public to always verify that financial institutions are properly regulated by the CNBS before making any investments and to avoid falling for promises of quick riches without backing.
In conclusion, both AHIBA and its member banks have called upon the relevant authorities to conduct a comprehensive investigation into the matter, hold accountable those involved, and initiate prevention campaigns to prevent future fraudulent activities, highlighting the solidity and trustworthiness of the formal banking system in Honduras.