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July 29, 2019

Choice Bank appoints new liquidator

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Posted: Monday, July 29, 2019. 11:57 am CST.

By BBN Staff: Choice Bank, the now defunct offshore financial institution, has appointed a new liquidator, Kareem Michael, as the contract for the previous liquidator, Cedric Flowers, has expired and the bank continues to wind down its interests through the liquidation process

Michael took over as liquidator with effect from July 22. The bank had mounted a legal suit against the government, which it claimed acted improperly and unjustly in revoking the bank’s license but later settled that matter privately. The suit, in which the bank claimed compensation for damages, was dismissed in May. The bank had argued that the decision to revoke their offshore banking license was premature and amounted to million of dollars in losses.

The court had ordered an independent valuation of the bank and a report indicated that the bank was in financial trouble well before the government took action and shareholders decided to back away from the case.

Choice Bank was one of just a handful of offshore banks registered in Belize that conduct business solely with foreign residents, often primarily American customers. Choice was also the first of two offshore banks to eventually close in the span of less than two years, injuring the sector and in the case of Atlantic International Bank Ltd. and its role in the Federal Trade Commission – Sanctuary Bay fraud investigation, casting a shadow on the country’s financial services sector.

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