Ministerio
de Relaciones Exteriores
‘THE EMBASSY OF ECUADOR TO INDIA y Movilidad Humana
New Delhi, 18” August, 2016
Dr. R. Vaidyanathan
Professor of Finance & Control
Indian Institute of Management
Bannerghatta Road
Bangalore -560076
Dear Dr. Vaidyanathan,
On the night of 14” July 2016, the President of the Republic of Ecuador, Mr. Rafael
Correa Delgado, while addressing nation televised on national channel made a
reference to his proposal on tax havens.
Our President, proposed an ethical pact to political actors and powers in the country,
based on the complete refusal of candidature to the any dignified chair or assumption of
any public post by any person who possesses property or capitals in offshore tax
havens. He also gave an eventual call for a referendum on this matter, according to the
following terms.
"Do you agree that in order to contest an election to hold any dignified popular
public portfolio or to be a public servant, it should be established as prohibition to have
capital or property, of any nature, in tax havens?”
Once its constitutionality approved by the Constitutional Court, the bill in question would
be put for public poll, and would enter into force one year after its eventual approval
This limitation would not affect the nominations for the upcoming presidential and
legislative elections in February 2017, given that, those who are elected would have
one year to comply with the popular decision, and give up properties or assets which
they have stored in tax havens.
The Head of State presented a strong argument, of an ethical and political nature,
pointing to the threat this phenomenon poses to democracy by the way that deepens
the differences and social divisions, as well as its immoral character. The peoples of the
underdeveloped countries are those that are most affected, since by this means
abundant resources that could be allocated to social cohesion and to overcome
economic backwardness are subtracted,
Ecuador will keep its unbendable commitment to denounce and combat this scourge
that harms both our economies and societies. On past 29” June 2016, the
Decolonization Committee of the United Nations approved our initiative to condemn the
use of non autonomous territories by colonial powers under their administration as tax
havens.
E-3/2, Vasant Vihar, New Delhi - 110 057 .
‘Tel: 91 11 26152264/26152265, Fax No 26152853 E-mail eecuindia@mmrree.gob.ecH
Ministerio
de Relaciones Exteriores
y Movilidad Humana
THE EMBASSY OF ECUADOR TO INDIA
We have announced our intention to work so that this issue can be included on the
agenda of the 71 Regular General Assembly Session of the United Nations,
| am aware of your commitment to combat corruption in all its forms and formats, such
as black money, tax evasion, tax haven etc. The Goverment of Ecuador is seeking
support from all national Governments and imminent non-governmental actors. as Your
Goodself. Henceforth, | would most greatly appreciate your valuable moral support to
this initiative of the Government of Ecuador. | would also highly appreciate if you could
kindly provide valuable inputs and suggestions on this matter in order to transmit them
to the Government of Ecuador.
| take this opportunity to express to Your Goodself the assurances of my highest
consideration
Sincerely,
Mentor Villagamez,
Ambassador of Ecuatfor to India
E-3/2, Vasant Vihar, New Delhi - 110 057
Tel: 91 11 26152264/26152265, Fax No 26152853 E-mail eecuindia@mmrree.gob.ec