Rosenthal Case: Which Companies Can Keep Operating

Assurance has been given that companies where Continental Group or its shareholders have a minority participation may continue to operate normally.

Thursday, October 15, 2015

As outlined in an article on , the general coordinator of Government, Jorge Ramon Hernandez Alcerro, stated that "... 'there are over 40 companies' which have with less than 50 percent in shares of Continental Group, whose president is the banker and politician Jaime Rosenthal."

The senior official was quoted as saying that with other companies that have more than 50% of the shares in Continental Group, they are "undertaking some actions", in order to secure and maintain the continuity of these operations.

From an extract of the Combined Financial Statements of Grupo Financiero Continental, December 31, 2014, published by the National Banking and Insurance Commission:

/ ...
As of December 31, 2014, ownership of the majority of the shares of the entities that make up the Financial Group are still Inversiones Continental, S.A. de C.V. because the CNBS denied the Bank permission to acquire the shares under Resolution No. 316 / 17-02-2011 of February 17, 2011.

More on this topic

Money Laundering in Central America

March 2017

The housing market, casinos, concert halls, and the livestock sector are all used to launder money in Central American countries.

Excerpted from the report "International Narcotics Control Strategy Report, Volume II, Money Laundering and Financial Crimes" by the  US State Department:

Rosenthal Organization Profiled by the US

October 2015

Diagram showing the people and companies identified by actions related to money laundering, according to the U.S. Department of the Treasury´s Office of Foreign Assets Control.

Rosenthal Money Laundering Organization Chart.

Regarding the Liquidation of Banco Continental

October 2015

The US Treasury Department has advised that it will not sanction individuals or institutions participating in the liquidation provided that those transactions do not benefit any individual or entity other than those previously identified by the OFAC.

The Office of Foreign Assets Control (OFAC) of the Treasury Department of the United States has issued a statement regarding the decision of the Honduran authorities to liquidate Continental Bank, after identifying the institution and several of its executives as being involved in drug money laundering:

Honduras: Forced Liquidation of Banco Continental

October 2015

It has been announced that deposits up to $9,200 (L200,000) per person will be returned, and then payments to employees, depositors and others, noting that "... there are sufficient resources to address them all."

The cause is the inclusion of the institution in the list of the U.S Office of Foreign Assets Control, and the freezing of its assets abroad.

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