Celec funds diverted to luxury real estate in Ecuador

An investigation by Ecuador’s Financial and Economic Analysis Unit (UAFE) has revealed that funds intended for the 2024 energy emergency were diverted to luxury real estate. The report details how a portion of the $104 million paid by the state-owned Corporación Eléctrica del Ecuador (Celec) to the U.S.-based firm Progen Industries LLC was funneled into high-end property acquisitions in Samborondón and Guayaquil.

According to the financial trail, Progen transferred approximately $20 million to Astrobryxa, a company owned by José Walther Manrique Suárez and Karla Saud. Astrobryxa then channeled $3.1 million to Gestores Inmobiliarios Ligthblue S.A., another company owned by the same partners, which served as the vehicle for purchasing luxury apartments and land.

Specific transactions include the acquisition of land in the Parques del Batán urbanization in Samborondón. Manrique is among ten individuals being prosecuted in the Progen case and is currently outside the country.