Presentación de Estados de Cuenta en los Fondos Premium Capital (A)

This is a Spanish translation of the March 23, 2020, version of OB-1306.This case is part of the Giving Voice to Values (GVV) curriculum. To see other material in the GVV curriculum, please visit http://store.darden.virginia.edu/giving-voice-to-values. In 2009, Ricardo Martinez, management assistant at Premium Capital Investment Advisors (PCIA), was asked to fabricate some of the information to be included in the monthly account balance statements addressed to five shareholders in Premium Capital Funds (Premium), a piece within a complex network of firms founded by Interbolsa, the largest brokerage firm in Colombia. The request, Martinez had been told by his supervisor, "came from the top." Martinez found himself at a crossroads: however outrageous the order was, refusing to obey it would certainly have negative consequences for his immediate future and medium-term career. Reporting the issue to the authorities appeared as though it would be totally useless—and yet, obeying was out of question. What, then, could he do to try to stop this falsification from happening? Excerpt UVA-OB-1319 Giving Voice to Values Rev. Mar. 23, 2020 Presentacion de Estados de Cuenta en los Fondos Premium Capital (A) En la tarde del 6 de mayo de 2009, Ricardo Martinez salio de la oficina de Rachid Maluf. Maluf era director general de Premium Capital Investment Advisors(PCIA), y Martinez era uno de sus subordinados mas confiables. Maluf le pidio a Martinez que alterara parte de la informacion que se incluiria en los estados de cuenta mensuales dirigidos a cinco accionistas del Fondo Premium Capital (Premium). Maluf le dijo a Martinez que la solicitud “venia de arriba.” Premium era un fondo de inversion constituido en Curazao en el ano 2000 y manejado principalmente desde Colombia. Era una pieza dentro de una compleja red de firmas fundadas por los principales accionistas de Interbolsa. Para 2009, Interbolsa era la mayor firma de corretaje bursatil en Colombia. Para entonces, el Fondo tenia alrededor de 900 accionistas, y se le permitia participar en gran variedad de inversiones y actividades de corretaje, incluyendo, entre otras acciones cotizadas en bolsa, deuda de empresas en mercados emergentes, titulos valores no listados, e inversiones en fondos privados, con el objetivo de buscar la maxima valorizacion del capital manteniendo una baja volatilidad. . . .