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.
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