Receiver asks: Where Are Millions at InnoVida?

Posted on - March 9, 2011

Embattled Miami Beach businessman Claudio Osorio transferred millions of dollars out of his manufacturing company, InnoVida, before it was taken over by a court-appointed receiver, according to a report dated March 9. “InnoVida is not paying its debts as they become due,” receiver Mark Meland said in a court filing. Meland also said millions of dollars from InnoVida were moved to offshore bank accounts in the last few years. He said an InnoVida report in June indicated $37.5 million in funds moved offshore, but he had so far been unable to find out what happened to the money. The report was bad news for investors who have been trying to get money back from Osorio, including Miami Beach developer Chris Korge. “Sadly, almost all of our worst fears have been realized,” said Kendall Coffey, the attorney representing Korge. “We would have much preferred that the receiver had found a healthy company.
Read More: http://www.bizjournals.com/southflorida/news/2011/03/09/receiver-asks-where-are-millions-at.html