Bancrédito Holdings Corporation Takes Legal Action to Protect Art Collection
The offices of Bancrédito International Bank & Trust Corporation in Hato Rey hold a valuable art collection belonging to the bank’s founder and sole shareholder, Julio M. Herrera Velutini. Now, there are concerns that the collection might be sold off by Driven Administrative Service, LLC, the liquidator for the bank.
In response to this threat, Bancrédito Holdings Corporation, the parent company of Bancrédito International Bank & Trust Corporation, has filed a legal motion before the federal court seeking a temporary retention order and precautionary measures to prevent the sale or damage of the art collection.
While the exact value of the art collection is not specified in the legal appeal, Bancrédito describes it as “extremely valuable.” Driven acquired control of the collection after being appointed as administrator of the bank in August 2022, and has since attempted to sell the art pieces, prompting legal action from Bancrédito Holdings.
The federal judge assigned to the case has denied the request for a temporary restriction order but has given Driven until February 7 to respond to Bancrédito’s request for precautionary measures regarding the art collection. This response will need to include detailed information on how the artwork is being preserved and cared for while in Driven’s possession.
In the meantime, Judge Camille L. Vélez-Rive has set a preliminary hearing for February 9, and this legal action adds to the ongoing dispute between Herrera Velutini and the state financial regulator.
In addition to this art collection dispute, Bancrédito Holdings has faced other legal setbacks, with a lawsuit against the trustee and dismissed complaints against the financial regulator at both the federal and local levels. And while Herrera Velutini is currently under investigation for allegedly assisting in the financing of a political campaign in exchange for the dismissal of a financial regulator, both he and the former governor accused of benefiting from this alleged arrangement continue to deny the accusations against them.