The Liquidation Board announced that as of November 30 services will be provided in three banks to account holders with deposits and credit operations with the bank currently in liquidation.
From a statement issued by the Liquidating Board of Banco Continental:
The Liquidation Board of Banco Continental SA, under forced liquidation.
Reports:
For customers who have deposits and credit transactions with the bank in liquidation, whose financial services are now being normalised, the procedure for services is as follows:
It has been announced that the Guatemalan bank has acquired assets belonging to the Honduran group estimated at $108 million.
As part of the process of forced liquidation of Banco Continental, which began on October 12, the Bank founded in Guatemala acquired 32% of the assets, which has an estimated total value of $225 million.
The Administrative Office of Seized Properties in Honduras will be responsible for overseeing the continued operations of the companies seized from Continental Group.
The Executive ordered the Administrative Office of Seized Property (OABI by its initials in Spanish) to be responsible for seeing that companies seized from the group continue to operate as normally as possible.
The Commission for the Promotion of Public Private Partnerships in Honduras has four trusts with Banco Continental to implement various projects in infrastructure and energy.
Officials at the Commission for the Promotion of Public Private Partnerships (COALIANZA), reported that this institution has four trusts with Banco Continental, usded to implement various infrastructure and energy projects, but after the decision issued by the National Banking and Insurance Commission ( CNBS) to force liquidation of the financial institution, they are waiting for to CNBS determine the procedure to continue execution of the projects.
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.
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:
Money laundering has positive economic effect on economies, but also impoverishes the quality of institutions leading to dramatic effects on quality of life in society.
The excellent analysis by Norma Lezcano in his article on Estrategiaynegocios.net, on the US Treasury Department´s inclusion of members of the powerful Rosenthal family in the list of the Office of Foreign Assets Control (OFAC) can be extrapolated to all Central American countries, and is a warning to the governments of the region, where drug trafficking has ingratiated itself and is creeping through state institutions, weakening them by making them serve criminal aims, and preventing them from carrying out their duties properly.
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.
In Honduras the Continental Bank is to manage a trust fund of $270 million for the construction and maintenance of roads.
This was announced by José Antonio Pineda of the Commission for the Promotion of Public Private Partnerships (Coalianza). He explained that five banks were involved in the process but Continental was the only one to bid.
"Banco Continental was awarded the management of the trust of this road.
A banker says that due to government financial regulations, in Honduras "it is now easier to import than it is to cultivate and produce."
Proceso.hn reports that "Excessive government regulations are preventing banks from lending money to promote production, as they has to deal with rules made for the first world even though Honduras is a fourth world nation, said the banker Jaime Rosenthal."
The country's businessmen have asked the Porfirio Lobo government for transparency and clear rules to guarantee investments.
During a meeting held with the president, business representatives formed a committee, coordinated by ex president Ricardo Maduro Joest, that will present its findings in the next few weeks.
La Tribuna reports comments from various businessmen such as Jorge Bueso Arias who indicated that, "after the events of 28 July past, a class hatred has emerged in Honduras, putting investments and job creation at risk".
Banker Jaime Rosenthal Oliva says he knows about "some public institutions that are holding bids for purchase of luxury vehicles."
If the government is going to restrict luxury cars, it should be the first to eliminate its gas-guzzlers," he said.
"I think price restrictions are much more effective than legal restrictions," he added. "It seems right to me that we don't continue importing cars that use a lot of fuel, when there is a worldwide trend toward more fuel-efficient vehicles."