Regulating Entity Takes Control of Stanford Bank Panama

The Banks Superintendent reported in a broadcasted message that it will effectively take financial and administrative control of the Stanford Bank Panama.

Wednesday, February 18, 2009 reports in its website: "The SEC accused Allen Stanford and two executives of the Stanford Financial Group of fraudulently selling $8 billion in certificates in a plan that involved operations from Texas to Antigua."

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Bids Presented to Buy Stanford Bank in Panama

April 2009

At least three entities will present their bids today for the purchase of the bank's assets and the brokerage firm.

Since the fraud investigations that were conducted in the US last February against the group's main shareholder, Stanford Bank Panama is under the control of the Superintendent of Banks.

Stanford Panama Once Again Open for Bids

May 2009

The proposal submitted by a colombian group was unsuccessful, so the process is once again open for bids.

The bid submitted by the colombian group did not meet seller or Bank Superintendent expectations.

Edith Castillo wrote in "In the beginning, the possibility of selling the banking and security operations in a single package was suggested, but there has been a change in plans, and now Stanford Securities will be sold separately. The Committee Chair of the National Securities Commission, Juan Martans, reported that they are open to receiving proposals from groups interested in the securities exchange."

Two Proposals for Stanford Bank Panama

June 2009

The Panamanian Superintendent of Banks reported that they have received two proposals to purchase 100% of the shares.

The offers are being analyzed by the custodial representatives that were named by U.S. authorities.

According to the press release by the SBP, as published in Invertia: "The custodian requires certain conditions that must be agreed upon and they have reserved that right to negotiate with any of the offer makers."

Panama's Stanford Stock Brokerage Taken Over

February 2009

The seizure was conducted as a result of the take-over of its related bank, Stanford Bank Panama.

In a press release, the National Commission of Securities of Panama indicated that it decided to take intervention action against Stanford Casa de Valores S.A. because of the existing legal actions in the United States against Robert Allen Stanford and the businesses related to him, and the administrative and operating take-over of Stanford Bank Panama, Inc. that occurred 3 days ago.

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