-
Ex-Im is one of the rare government agencies that's running smoothly, according to Tod Burwell: it returns a profit to taxpayers and makes American businesses more competitive. So why are some legislators gunning for its closure?
September 3 -
The Export-Import Bank benefits just a handful of American companies and is weighed down by corruption, writes Ryan Young of the Competitive Enterprise Institute.
August 8 -
A confluence of events, including the defeat of House Majority Leader Eric Cantor, has increased the chance that Congress won't renew the charter of the Export-Import Bank. Private banks receive billions of dollars in U.S. support for loans made to promote American exports.
June 24 -
The Export-Import Bank of the United States and the Eastern and Southern African Trade and Development Bank signed a $100 million memorandum of understanding that promotes American businesses operating in the region.
April 11
Hencorp Becstone Capital in Miami has agreed to pay $3.8 million to settle allegations that it provided inaccurate statements and claims to the Export-Import Bank.
The Ex-Im Bank guarantees loans made by approved lenders to foreign businesses for the purchase of American-made products. The lender is responsible to perform a credit review of completed transactions to ensure they meet regulatory guidelines.
Ricardo Menza, a former business agent at Hencorp, created false documentation to obtain Ex-Im Bank loan guarantees on fictitious transactions in which no products were sold or exported, the Justice Department said in a press release Thursday,. The Justice Department said Hencorp "acted recklessly" because it outsourced important credit review responsibilities to Maza without proper oversight.
The federal government alleged that Maza diverted the loan proceeds to himself, friends and business associates in Peru. Meanwhile, the Ex-Im Bank suffered losses because the loans were never repaid.
Mario Mimbella, a U.S. exporter on three of the fraudulent transactions, served a six-month prison sentence in 2012 for participating in the scheme.
The settlement resolves claims made in a whistleblower lawsuit by Genaro Caballero, the former owner of one of the alleged purchasers involved in this scam. Caballero claimed in the lawsuit that his signature, along with that of his former attorney Patricia Dominquez, were forged on documents without their knowledge.
The whistleblowers will receive $608,000 as part of the settlement, the Justice Department said.
