Caso Progen: Judicial Documents Trace $110M Through Personal Accounts — 21 Individuals Face Embezzlement Charges May 14
The Caso Progen investigation has produced its most detailed financial mapping to date, with judicial documents revealing the distribution network for USD 110 million in advance payments made by Ecuador to U.S.-based Progen for 49 thermoelectric generators that never became operational.
Charges against 21 individuals for alleged embezzlement are scheduled for May 14, 2026.
The Money Trail
According to judicial filings, the $110 million in payments flowed through accounts at the Federal Reserve and Regions Bank:
| Recipient | Amount | Role |
|---|---|---|
| John Manning (personal accounts) | $1.1M | Progen CEO |
| Two Lions Holding | $1.4M | Linked entity |
| David Trujillo | $330K | CELEC acquisitions specialist |
| Remaining in Ecuador operations | ~$20M | — |
The fund distribution concluded in January 2026. The gap between the $110M total and the identified disbursements above suggests significant additional fund flows remain under investigation.
Key Figures Under Investigation
- Andrew Williamson — Progen executive
- John Manning — Progen CEO, $1.1M in personal account receipts
- Fabián Calero — Former subrogant manager of CELEC (Ecuador's state electricity company)
- David Trujillo — CELEC acquisitions specialist, $330K recipient
- Doménica López — Former Inicofy employee and advisor to ex-Energy Minister Antonio Goncalves
- Karla Saud Calero — Linked to Astrobryxa company
Roberto Luque, Minister of Transport and Public Works, visited Progen facilities in May 2024. He characterized the trip as "institutional" in nature.
Energy Sector Context
The Progen contract was executed during Ecuador's 2024 energy crisis, when rolling blackouts across the country created urgent demand for supplemental generation capacity. The 49 thermoelectric units were contracted to address the deficit but never entered service — leaving both the fiscal exposure and the power deficit unresolved.
Fabián Calero, the former CELEC manager, has publicly stated that authorities "pretend to make him the chosen scapegoat" of the broader energy crisis investigation.
Subrogant fiscal Leonardo Alarcón is overseeing the proceedings.
What to Watch
- May 14 charges. The formal charging of 21 individuals will establish the legal theory — embezzlement, with potential additional counts. The scope of charges will indicate whether prosecutors are targeting the entire payment chain or focusing on specific nodes
- Cross-border recovery. With funds distributed through U.S. financial institutions (Federal Reserve, Regions Bank), recovery will require international cooperation. The jurisdictional complexity may delay restitution significantly
- CELEC governance. Two CELEC officials in the payment chain raises questions about procurement controls at Ecuador's state electricity company — the same entity responsible for managing the country's generation infrastructure
- Energy crisis accountability. Progen is one of several contracts under scrutiny from the 2024 crisis period. The broader Caso Apagón investigation continues in parallel
- Investor perception. The bond market success (7x oversubscription at 404 risk points) occurred despite the ongoing corruption investigations. Whether the Progen charges dent confidence will depend on how cleanly the government distances itself from the implicated officials
Source: El Telégrafo
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