Last night we told you about the press release from Choice Bank - saying it would allow depositors to make an orderly withdrawal of their monies. This, after two months of putting all funds on lockdown. It sounded so good - and was no doubt a relief for depositors - who had been worried since April that their money may have been in serious peril.
Well, it turns out that Choice Bank was playing games with that release. All that stuff about orderly and incremental withdrawals? Not going to happen!
And here's why: The Central Bank revoked the Offshore Bank's license today: Choice Bank can no longer conduct business in Belize. It's a stunner after last night's release which made it seem that the bank's affairs had normalised. But, apparently, that was just a front. In a statement that will air as an ad later in this newscast, the Governor of the Central Bank Joy Grant explains why:
Joy Grant- Governor of Central Bank
"Choice Bank failed to provide the Central Bank with a plan deemed satisfactory that indicated their ability or willingness to resolve the situation. Earlier this week the Central Bank's team of examiners conducted an unannounced special examination at Choice Bank's offices to acquire information that had not been initial forthcoming. The Central Bank has concluded that the actions taken by the ownership and management of Choice Bank were insufficient to properly rectify the situation and appeared detrimental to its customers and depositors. With the revocation of Choice Bank's license the Central Bank has appointed a liquidator Mr. Henry James Hazel, who will be supported by a team from the Central Bank. After the liquidation of the Bank's assets, Mr. Hazel will move to distribute these assets in a fair and equitable manner, in accordance with the legal priorities."
Choice is an offshore bank and does not operate in Belize's regular commercial banking sector.
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