Read this on AC's message board , doesnt bode well for future investors.
NO CONFIDENCE ON BELIZE'S OFFSHORE BANKING - Panamanian offshore expert says offshore banking is dead in Belize.
Local news media reports that the Caporaso & Partners Law Office in Panama, which specializes in offshore and financial legal matters and represents a number of European depositors who claim they are unable to recover their money from the now defunct Choice Bank, published a scathing article claiming Belize’s offshore banking sector is dead due to the ongoing situation with Choice and the fallout from the Sanctuary Bay real estate fraud.
"No one will trust a bank in Belize anymore, after what happened,” Giovanni Caporaso Gottlieb, the firm’s founder said. The firm claims that up to now, Choice has only approved the reimbursment of 53 percent of the deposits declared in the accounts, however, it hasn’t completed all payments.
It said Belize’s financial system is going through one of the most complicated moments of its history with the abrupt closure of two international banks and “heavy accusations of corruption against the governors of the Central Bank and for the inefficiency of its courts.” It also called into question “the nexus between the Governor of the Central Bank, Joy Grant, and Minister of Finance, PM Dean Barrow” which it says “impeded the distribution of assets from being completely fair.”
Several European customers of Choice Bank who are trying desperately to recover their money spoke to a Belize media house but they say the Central Bank has stopped answering requests for answers and the new liquidator has told them they cannot recover their money.
NO CONFIDENCE ON BELIZE'S OFFSHORE BANKING - Panamanian offshore expert says offshore banking is dead in Belize.
Local news media reports that the Caporaso & Partners Law Office in Panama, which specializes in offshore and financial legal matters and represents a number of European depositors who claim they are unable to recover their money from the now defunct Choice Bank, published a scathing article claiming Belize’s offshore banking sector is dead due to the ongoing situation with Choice and the fallout from the Sanctuary Bay real estate fraud.
"No one will trust a bank in Belize anymore, after what happened,” Giovanni Caporaso Gottlieb, the firm’s founder said. The firm claims that up to now, Choice has only approved the reimbursment of 53 percent of the deposits declared in the accounts, however, it hasn’t completed all payments.
It said Belize’s financial system is going through one of the most complicated moments of its history with the abrupt closure of two international banks and “heavy accusations of corruption against the governors of the Central Bank and for the inefficiency of its courts.” It also called into question “the nexus between the Governor of the Central Bank, Joy Grant, and Minister of Finance, PM Dean Barrow” which it says “impeded the distribution of assets from being completely fair.”
Several European customers of Choice Bank who are trying desperately to recover their money spoke to a Belize media house but they say the Central Bank has stopped answering requests for answers and the new liquidator has told them they cannot recover their money.
