After the bank was taken over because of its inclusion in the Clinton List drawn up by the U.S. Treasury Department, the Superintendency of Banks has ordered its reorganization and sale to another bank.
From a statement issued by the Superintendency of Banks in Panama:
A call has been made to participate in the auction of property located in Punta Paitilla, owned by the Venezuelan company Seguros Constitución, which was taken over in August 2015.
The Superintendency of Insurance in Panama reports that the auction will be held on June 15, with a base price of $3.4 million. The property to be auctioned is commercial premises number 5 on three storeys, located in the Plaza Paitilla Mall on Avenida Balboa, Calle 56-A, Punta Paitilla, town of San Francisco.
From a statement issued by the Public Ministry of Guatemala:
The Public Prosecutor and the Head of the Public Ministry, Thelma Aldana, revealed at a press conference, that the Court of Forfeiture had been asked to take control of Terminal de Contenedores Quetzal –TCQ-, a request which was ruled on favorably.
"We have requested the takeover from the Judge for Forfeiture and appointed an auditor, and the judicial petition was ruled on favourably.The intervention will be headed by lawyer Alexander Aizenstatd, who now has possession in order to start his duties," the Attorney General said. He also explained that on July 11, 2012 the contract between Terminal de Puerto Quetzal and TCQ was finalised, the latter is a corporation, which was incorporated emergently in order to simulate a usufruct contract.
The $6.6 million in assets held by Seguros Constitución, which have been frozen since August 2015, are not sufficient to cover the company's liabilities, which total $26 million.
According to a report prepared by the board of liquidators on April 28, "... there are not enough liquid funds to begin the approved loan payments ", therefore they will proceed to pay according to the order of priority and resources available.
As a result of the inclusion of both companies in the "Clinton" list drawn up by the US Treasury Department, the respective Superintendents have ordered interventions.
For its part the Administration of Supervision and Regulation of Non-Financial Subjects activated special supervisions in non-financial companies which are listed by the OFAC as part of the network, in this case those operating in Colon Free Zone: Grupo Wisa, S.A., Vida Panama S.A., Servicio de Equipo Rodante Incorporado and Grupo Cima S.A., among others.
Having assumed administrative control of Seguros Constituciónin August, the Insurance and Reinsurance regulator has ordered its compulsory liquidation.
Prensa.com reports that "...A board of liquidators will be responsible for completing the sale of company assets so that it can meet its obligations. In the order of priority, first in line are customers with life insurance policys linked with savings and policyholders with recognized claims of up to $10,000, approved before the company was taken over "
The market regulator of Panama has indefinitely suspended the license of the brokerage firm Clever Financial Investment Services, linked to Banco Universal.
A resolution by the Superintendency of Securities said that after performing an inspection at the brokerage firm, " it was found that the brokerage firm maintains only three bank accounts, all of them with Banco Universal ", namely own / administrative account, third parties / customers account and a deposit account. "
The Insurance Regulator has ordered that administrative and operational control be taken of the Venezuelan company Seguros Constitución, for allegedly failing to comply with a regularization plan required by the regulator.
The company began operations in Panama in 2008, "...
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