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Choice Bank of Belize faces liquidity problems
- Thread starter Caporaso and Partners
- Start date
I looked for a good lawfirm in Belize. I found one, contacted them and they told me they don't work with cases like Choice Bank but they recommended me this lawyer who apparently has a lot of experience. She's their associate. Of course i can't guarantee that she's not a fraud but at this point what choice do i have? I hope i'll get the chance to talk to her and see what she has to say about this bank situation.
Angeli Carrillo, Wrobel & Co., Attorneys-at-Law <[email protected]>
Cc:[email protected]
Jul 5 at 6:47 PM
Dear Sir,
Thank you for your interest in Wrobel & Co.
Unfortunately our firm is concentrating on transactional matters at this time and thus, I would like to introduce you to our colleague, Mrs. Agnes Segura-Gillett. Ag nes is a close friend and partner of the firm who has a wealth of experience with civil litigation here in Belize. I believe that she will be an asset to you as it relates to the matter that you have described. I have provided Mrs. Segura-Gillett's contact details below for your convenience. Please do not hesitate to contact us in the future should we be able to be of any additional assistance to you.
Agnes Segura-Gillett
Attorney-at-Law
Email : [email protected]
Phone : +501-227-0810
Yes there were two poits where you should complete diferently, but about the same "Beneficiary Account No" and "Beneficiary Bank Account No." that was my issue, but in final I understood and I sent the details corectly, after that I received the confirmation :" We confirm receipt of items requested and confirm all is in order, we will provide you with a copy of wire confirmation for payment as soon as wire is processed. This should be completed in approximately one weeks’ time." last message.. but nothing more...
We need to go to war with Central Bank!
They don't give a f**k about us!
Instead of taking the bank to honour the clients and pay them, they just took over the bank for them!
Central Bank ph no: +5012236194
Liquidator Cedric Flowers phone no: +5012276161 or +5012276160
Liquidator mail: [email protected]
Liquidator personal mail: [email protected]
All of you start asking for your funds!
Don't sleep on it!
They don't give a f**k about us!
Instead of taking the bank to honour the clients and pay them, they just took over the bank for them!
Central Bank ph no: +5012236194
Liquidator Cedric Flowers phone no: +5012276161 or +5012276160
Liquidator mail: [email protected]
Liquidator personal mail: [email protected]
All of you start asking for your funds!
Don't sleep on it!
Lize is right this is he's info:
Liquidator mail: [email protected]
Liquidator personal mail: [email protected]
Liquidator Cedric Flowers phone no: +5012276161 or +5012276160
When I called the bank again today this is all the info they gave ...at lease as for now.
Let's see if Mr. Flowers responds to our calls ,emails and concerns .
I send him an email today. If anyone here has any update please don't forget to post it here.
Liquidator mail: [email protected]
Liquidator personal mail: [email protected]
Liquidator Cedric Flowers phone no: +5012276161 or +5012276160
When I called the bank again today this is all the info they gave ...at lease as for now.
Let's see if Mr. Flowers responds to our calls ,emails and concerns .
I send him an email today. If anyone here has any update please don't forget to post it here.
Folks,
Our money in Belize have no insurance like in the US and many other banks all over the world.
The good news is that International Banks in Belize have to have a 24% liquidity requirement. This means that 24 cents of every dollar we have in deposits has to be set aside and is liquid, ready for anybody to have if something bad happens. The thing is how long till we know how much CHOICE BANK LTD has been stealing from us and what job for real did Central Bank ? Did they cut them off in time or after rain umbrella ......??! what's left of our assets in the bank and why Central Bank and the liqudator haven't provided any other information to the matter . This stinks . There is no guaranty they will split any assets equally nor I believe they will be honest about it unless they pay 100% of what they owe.
At least by their law they are required to pay 24% of what you have in there.
Our money in Belize have no insurance like in the US and many other banks all over the world.
The good news is that International Banks in Belize have to have a 24% liquidity requirement. This means that 24 cents of every dollar we have in deposits has to be set aside and is liquid, ready for anybody to have if something bad happens. The thing is how long till we know how much CHOICE BANK LTD has been stealing from us and what job for real did Central Bank ? Did they cut them off in time or after rain umbrella ......??! what's left of our assets in the bank and why Central Bank and the liqudator haven't provided any other information to the matter . This stinks . There is no guaranty they will split any assets equally nor I believe they will be honest about it unless they pay 100% of what they owe.
At least by their law they are required to pay 24% of what you have in there.
I sent an email to Mr Cedric today, if he answers me I let you know.
The Central bank has all the Quarterly Financial Information of International Banks (Choice Bank is there) International Bank Financials
So they had to know the Choice Bank situation.
Somebody have researched about any similar case with other offshore bank and how was it solved?
That document explains the problem well. The issue seems to be the huge concentration risk the bank took in its card business. The card business made up too big a share of the banks activities and it got burnt when the plug was pulled unduly. The central bank had no choice (no pun intended) but to step in and address this mismanagement of the banks activities by closing its doors. The business model of the bank was unsustainable coupled with poor liquidity management - the fundamentals of risk management in non-reserve banking.
It can partly also be blamed on MasterCard's new restrictions. MasterCard and Visa are all American companies and an extension of US financial warfare. What is decided by the US government, filters down to those companies and can cause huge ramifications to banks and economies around the world that rely on Visa and MasterCard. Europe is going cashless with use of Visa and MasterCard without its own European card solution in place. The ENTIRE European electronic payment system is now being given to the U.S who can increase fees, or pull the plug at any moment and shutoff who they want on a whim. i.e Choice, Wavecrest etc.....lol. The European entities or Visa and MC are jokes. Also access to electronic payments is not a fundamental human right yet and considering the fact the world is going cashless with no alternative to Visa, MasterCard's dominance we are all in serious trouble.
The world has a future in a cashless society...its called tyranny so get used to it
It can partly also be blamed on MasterCard's new restrictions. MasterCard and Visa are all American companies and an extension of US financial warfare. What is decided by the US government, filters down to those companies and can cause huge ramifications to banks and economies around the world that rely on Visa and MasterCard. Europe is going cashless with use of Visa and MasterCard without its own European card solution in place. The ENTIRE European electronic payment system is now being given to the U.S who can increase fees, or pull the plug at any moment and shutoff who they want on a whim. i.e Choice, Wavecrest etc.....lol. The European entities or Visa and MC are jokes. Also access to electronic payments is not a fundamental human right yet and considering the fact the world is going cashless with no alternative to Visa, MasterCard's dominance we are all in serious trouble.
The world has a future in a cashless society...its called tyranny so get used to it
From the outset, it was obvious from the Belize Prime Minister's statement on Choice Bank and then the Central Bank governor's statement on seizing the bank that they are primarily concerned about the reputation of the country as a safe offshore banking destination. They constantly emphasized that Choice Bank was a unique case because of its involvement in adult business and that the rest of the banks in the country are completely safe. Go look at their statements. The governor says even though they seized Choice Bank, depositors for other banks in the country have nothing to worry about. Making Choice Bank depositors whole is almost just an afterthought. But how silly is this? It's like saying, sure you just witnessed a murder but trust me, the country is completely safe. Anyway, it's good to be optimistic if you have your money frozen, but until proven otherwise, the Belize government and the Central Bank do not have your best interests at heart.
Choice Bank of Belize: from the frying pan into the fire
The super-liquidator, Henry J. Hazel, nominated by the Central Bank of Belize at the beginning of July didn’t last even two days and yet, we don’t know how much he was paid. Thanks to the pressure put on the Central Bank of Belize by the Panamanian attorney Giovanni Caporaso Gottlieb, it appears that Hazel understood that there is a group of vigilant account holders who wouldn’t let him be the only one to gain from the liquidation, like he had done in the past. The new liquidator, Cedric Flowers, is a certified accountant from Belize, with experience in the liquidation of the Civil Service Credit Union where the members haven’t received almost anything of their deposits.
At two weeks after taking “possession” of the Choice Bank, Cedric Flowers did exactly what the attorney Caporaso denounced in his Open Letter to the Prime Minister Dean Barrow and the Governor of the Central Bank of Belize Joy Grant, which is dismiss all of the bank’s personnel to replace them with people of doubtful experience. In the two weeks when he has exercised the task of liquidator, Mr. Flowers hasn’t deigned to issue an announcement saying what his plans are or at least, to show good manners, to introduce himself and say that he needs time to understand the situation.
Ad Kees, ex vice-president of Choice Bank has disclosed a press release where he states that the bank has a surplus.
Mr. Cedric Flowers, where is the money belonging to the Choice Bank account holders? And when will you decide to make a public communication?
On the other hand, the attorney Giovani Caporaso Gottlieb states that there’s nothing left to do but denounce Belize’s banking system to the FMI, where the Prime Minister Dean Barrow exercises the job of Minister of Finances and the Governor Joy Grant is going for the second liquidation in two years, demonstrating that the Central Bank of Belize isn’t complying with its functions.
The super-liquidator, Henry J. Hazel, nominated by the Central Bank of Belize at the beginning of July didn’t last even two days and yet, we don’t know how much he was paid. Thanks to the pressure put on the Central Bank of Belize by the Panamanian attorney Giovanni Caporaso Gottlieb, it appears that Hazel understood that there is a group of vigilant account holders who wouldn’t let him be the only one to gain from the liquidation, like he had done in the past. The new liquidator, Cedric Flowers, is a certified accountant from Belize, with experience in the liquidation of the Civil Service Credit Union where the members haven’t received almost anything of their deposits.
At two weeks after taking “possession” of the Choice Bank, Cedric Flowers did exactly what the attorney Caporaso denounced in his Open Letter to the Prime Minister Dean Barrow and the Governor of the Central Bank of Belize Joy Grant, which is dismiss all of the bank’s personnel to replace them with people of doubtful experience. In the two weeks when he has exercised the task of liquidator, Mr. Flowers hasn’t deigned to issue an announcement saying what his plans are or at least, to show good manners, to introduce himself and say that he needs time to understand the situation.
Ad Kees, ex vice-president of Choice Bank has disclosed a press release where he states that the bank has a surplus.
Mr. Cedric Flowers, where is the money belonging to the Choice Bank account holders? And when will you decide to make a public communication?
On the other hand, the attorney Giovani Caporaso Gottlieb states that there’s nothing left to do but denounce Belize’s banking system to the FMI, where the Prime Minister Dean Barrow exercises the job of Minister of Finances and the Governor Joy Grant is going for the second liquidation in two years, demonstrating that the Central Bank of Belize isn’t complying with its functions.
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