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Concerns Deepen About Choice Bank #530832
06/07/18 04:49 AM
06/07/18 04:49 AM
Joined: Oct 1999
Posts: 58,095
oregon, spr
Marty Offline OP

Marty  Offline OP

For months, we’ve been reporting on the problems at Choice Bank - an offshore bank in Belize City.  In early April, the Bank told customers that it’s in a liquidity crisis, and it suspended all withdrawals from deposit accounts with the Bank.   This has caused profound concern amongst the bank’s deposit holders - who are mostly foreign or expatriate.  

But, one of those international clients is not just concerned, she’s panicked!  Anja Schoneveld has filed a sworn affidavit alleging that Choice Bank pans to wind down operations by the end of this month.  Schoneveld is asking the court for an injunction to, quote, “prevent the dissipation of funds…”.

The injunction claims that Choice has brought in a company to quote, “wind down the bank.”  The affidavit quotes a phone call she had with this third party company where their representative, says, quote, “our job is to try to settle or…try to sell the assets as quickly as possible…” End quote.

This will sound alarm bells for Choice’s depositors who could stand to lose substantial sums - if the allegation is accurate.  We could not reach Choice Bank for comment - and the Central Bank’s Deputy Governor declined comment.  We’ll keep following the story and trying to get comment.

Channel 7

Re: Concerns Deepen About Choice Bank [Re: Marty] #530850
06/08/18 05:27 AM
06/08/18 05:27 AM
Joined: Oct 1999
Posts: 58,095
oregon, spr
Marty Offline OP

Marty  Offline OP

Central Bank Says Choice Under “Enhanced Supervision”

Last night we told you about the concern that at least one deposit holder is having about Choice Bank. Anja Schoneveld has filed a sworn affidavit alleging that Choice Bank plans to wind down operations by the end of this month - possibly leaving depositors in the breech.

Today the Central Bank - which regulates Choice as an offshore bank - issued a statement on the volatile situation. It says, quote, "The Central Bank of Belize, having determined that Choice Bank Limited's suspension of customer withdrawals and related actions are contrary to the interests of its depositors and customers, placed Choice Bank Limited under enhanced supervision.

Consequently, on 8 May 2018 the Central Bank implemented and continues to execute various preventative measures and corrective actions pursuant to the International Banking Act. The principal aim of these measures and actions is to ensure that Choice Bank Limited wholly satisfies its obligations to depositors and customers." End quote.

And trying not to create wider concern in the banking sector, the release adds, quote "this situation is specific to Choice Bank Limited and does not affect the safety and soundness of any other bank (domestic or international) or the financial sector in Belize." End quote.

We'll keep following the story.

Channel 7

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