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
DialogoCiudadano.com 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."
At least three entities will present their bids today for the purchase of the bank's assets and the brokerage firm.
The proposal submitted by a colombian group was unsuccessful, so the process is once again open for bids.
The Panamanian Superintendent of Banks reported that they have received two proposals to purchase 100% of the shares.
The seizure was conducted as a result of the take-over of its related bank, Stanford Bank Panama.
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