Stock Market Does Not Accept Financial Pacific

Although the Superintendent of the Stock Exchange in Panama has lifted the suspension of the brokerage firm Financial Pacific the Stock Exchange has not approved its integration.

Wednesday, May 22, 2013

According to the president of the board of the Stock Exchange, Felipe Chapman, "there are still many unanswered questions", relating to this organization. Questions such as "How was the loss recovered, what were the terms of the sale, who are the buyers and what is their interest in the business?," said the official.

On May 17, the Superintendency of Securities Market (SMV) sent a notice to the Exchange requesting the removal of all restrictions on Financial Pacific (FP) so that it could resume operations. However, through a note signed by Roberto Brenes, the Stock Exchange made it known that the company must file a series of legal documents in order to obtain eligibility after having changed its share ownership.

Chapman said it is very important to show confidence and convince the board that it is a serious and responsible operator. "If this is not clear, it will not be possible to approve operation of the brokerage firm," he added.

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