The custodian of the assets of Bancafe International Bank (BIB, off shore financial branch of Bancafé), Pricewaterhouse Coopers EC Inc. (PWC) is calling for funds to be distributed among investors.

Meanwhile the Bank of Guatemala (Banguat) denied such request, claiming that these assets belong to the Fund for the Protection of the Depositor (FOPA) who gave $203 million in order to provide liquidity to the financial system after the closure of the bank.

"The Banguat said through a statement emailed by its Press Department that it is opposed to the funds being delivered to the custodian.

The document states that "the Board of Exclusion of Assets and Liabilities (JEAP) of Banco del Café only excluded assets from this bank and transferred them to FOPA; therefore, it is not true that any assets from BIB were excluded that may give rights to the custodian to claim any refunds‘", reported Prensalibre.com.

Source: prensalibre.com

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$6.89 million will be disbursed to account holders of the bank closed in Guatemala in 2006 by the Monetary Board.

The status of the case up to June 12, 2012 according to PricewaterhouseCoopers (PWC) is as follows:

On June 12, 2012, the Custodian finished the calculations required to carry out a fifth distribution.