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La Caja Paraguaya de Jubilaciones y Pensiones del Personal de la Itaipú Binacional
CAJUBI serves Itaipú Binacional employees in Paraguay; former presidents convicted in 2018 for embezzlement tied to the Euro Invest fraud scheme.
La Caja Paraguaya de Jubilaciones y Pensiones del Personal de la Itaipú Binacional
CAJUBI operates as a pension fund and business association serving current and former employees of Itaipú Binacional, the massive hydroelectric dam jointly owned by Paraguay and Brazil. The fund provides retirement benefits and loans to its affiliates, drawing its capital from the payroll contributions of Itaipú's workforce. The entity's founding date is not consistently documented in the public record, though it was established to manage the long-term savings of one of South America's largest binational infrastructure workforces. The fund historically deployed capital across commercial and residential real estate, concentrated heavily in Asunción and Mariano Roque Alonso. Known portfolio properties have included holdings along Avenida España, the Edificio Montserrat mixed-use building, and the Edificio Maresu complex. CAJUBI also ventured into life settlement policies, acquiring a Lincoln Life policy in the United States, and participated in cross-border financial instruments that later required fund recovery operations from Canada tied to the Genesis/Keystone matter. CAJUBI's scale remains opaque — no public AUM figure or professional headcount is disclosed — but its real-asset footprint and international exposure set it apart from most Paraguayan occupational pension schemes. A United Nations Global Compact membership, later withdrawn by 2019, signaled a brief institutional aspiration for governance norms. The fund was implicated in the Euro Invest fraud scheme, a criminal enterprise engineered by Marcelo Barone that resulted in significant losses and the conviction of both former presidents. Fund recovery from Canadian-sourced assets marked one operational event in the post-fraud period. CAJUBI's structural distinction is its governance gap: a pension fund created for a binational workforce with no transparent parent-guarantor oversight after the criminal breach. The Itaipú entity itself is jointly sovereign, meaning no single Paraguayan ministry directly backstops the affiliate pension obligations — a governance architecture that amplified the 2018 fraud fallout and remains unresolved in the public record.
General information
Firm type
Pension Fund
Year founded
—
AUM
Undisclosed
Location
Region
South America
Country
Paraguay
City
Asunción
Corporate office
Asuncion, Paraguay
Principals
Víctor Bogado Núñez
Former President
Mariano Escurra Vicésar
Former President
Sector focus
Frequently asked questions
What is CAJUBI and who does it serve?
CAJUBI is the pension fund and business association for employees of Itaipú Binacional, the Paraguay-Brazil hydroelectric entity. It provides retirement plans and loans to its affiliates. The fund's beneficiary base is drawn entirely from the binational workforce of the Itaipú dam project.
Who manages CAJUBI's investment decisions?
The current investment committee and executive leadership are not publicly documented in accessible records. Prior leadership teams under former Presidents Víctor Bogado Núñez and Mariano Escurra Vicésar were convicted in 2018 for breach of trust and embezzlement tied to fraudulent investment schemes. The ownership and governance structure since those convictions has not been clearly re-established in the public domain.
What happened in the CAJUBI fraud case?
Marcelo Barone orchestrated the Euro Invest fraud scheme that targeted CAJUBI, siphoning fund assets through a network of deceptive investments. Both Víctor Bogado Núñez and Mariano Escurra Vicésar, who served as presidents of the fund, were convicted for breach of trust and embezzlement in connection with the scheme. The Paraguayan judicial system handled the prosecutions, and the fund later pursued asset recovery from Canada through the Genesis/Keystone matter.
What assets does CAJUBI hold?
CAJUBI's known portfolio includes commercial real estate along Avenida España in Asunción, the Edificio Montserrat and Edificio Maresu mixed-use developments, and residential properties. The fund also acquired a Lincoln Life Settlement Policy in the United States. No comprehensive or current asset list is publicly disclosed, so the total composition and valuation of the portfolio remain unavailable.
Is CAJUBI still operational and accepting new members?
CAJUBI continues to exist as a legal entity, but its current operational status, member enrollment activity, and benefit-disbursement capacity are not disclosed through any centrally accessible public registry. The fund was delisted from the UN Global Compact in 2019, which marked a withdrawal from that governance initiative.
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