Bolivia: Trustee probing bankrupt bank died by suicide, no foul play found in fall from building

The trustee of a bankrupt bank in Bolivia who died after falling from the 15th floor of an office building killed himself, a forensic investigation has concluded, casting new doubts on a case that has gripped Bolivia amid accusations of a cover up and as the country faces an economic downturn and President Luis Arce grapples with corruption accusations

Bolivia Bankrupt Bank Death (Copyright 2023 The Associated Press. All rights reserved)

The trustee of a bankrupt bank in Bolivia who died after falling from the 15th floor of an office building killed himself, a forensic investigation concluded Wednesday, casting new doubts on a case that has gripped Bolivia amid accusations of a cover up and as the country faces an economic downturn and President Luis Arce grapples with corruption accusations.

“We have investigated all hypotheses and have scientifically and technically demonstrated that the death of Carlos Alberto Colodro was a suicide,” Government Minister Carlos Eduardo del Castillo said Wednesday in a news conference. “The cameras show Mr. Colodro entering the 15th floor completely alone.”

But the family of Colodro, who was found dead Saturday, disputed the findings, insisting he was the victim of foul play, as former presidents from differing political leanings — including Arce himself — demand an impartial investigation.

The investigation into Colodro's death was “hasty and not corroborated with the relatives, who were not even questioned for the investigation,” said Jorge Valda, the lawyer representing Colodro's family. Valda has said Colodro had injuries that appeared to be inconsistent with the fall.

Bolivia's government last month ordered Fassil Bank be placed under a trusteeship after it became insolvent following a massive withdrawal of funds by its clients, and appointed Colodro as the one to take control of the bank’s operations and investigate what happened.

The bank’s bankruptcy and Colodro’s death raised suspicions amid a climate of economic uncertainty and political polarization.

“An assassination has been ruled out,” Del Castillo said categorically, adding that handwriting analysis proved that a letter signed by Colodro had actually been written by him. In the letter, Colodro wrote, without providing details, that he was under intense pressure, did not have the support he expected, and bid farewell to his family.

Valda, the family's lawyer, said the handwriting analysis of the letter fell short and investigators didn’t request any material from the family for comparison.

“The letter states he was 64 years old, when he was actually 63, and it also fails to mention all of his children, which raises doubts," said Valda. “The camera that recorded the moment when he decided to jump voluntarily into the void is not shown.”

The lawyer had also raised doubts about the suicide findings because Colodro’s body was missing an eyeball and had other injuries that he claimed were not the result of the fall. But Del Castillo said Colodro’s body fell after a high-speed impact, something that could have led to numerous injuries.

Fassil was the country’s fourth largest in terms of deposits.

After the government took control of the bank, allegations emerged of supposed million-dollar loans to insolvent individuals and alleged financial connections with powerful real estate groups in Santa Cruz.

Four former bank executives are under investigation and have been remanded in custody.

As of Wednesday, the government had not yet appointed another trustee, and employees of the bankrupt bank took to the streets in several cities to demand payment of their overdue salaries.