I lost my hopes months ago . i won t subbmit any new paper or whatever . adioss. just work harder and recoer your money . sorry guys
Choice Bank of Belize faces liquidity problems
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Don't lose hope, @Bogdan! Me too, like many others, I was losing hope to recover anything when I received the information that Choice Bank got busted. I was wrong. It was only a matter of time and patience.
I am not saying we should have a big smile from ear to ear though. Let's just try to remain a bit positive and patient before giving up.
I am not saying we should have a big smile from ear to ear though. Let's just try to remain a bit positive and patient before giving up.
The Choice Bank saga never ends
By Giovanni Caporaso Gottlieb, Panama’s Attorney at Law
The nightmare for the account holders of the Choice Bank of Belize, placed in forced liquidation by the Central Bank of Belize doesn’t appear to have an end in sight, once again showing the incompetence of the Central Bank and the Liquidator.
The matter has been badly managed since the beginning seeing that the bank was placed in liquidation with the cancellation of its license on June 29, 2018, without going through a controlled administration that allowed the authorities to take the actual pulse of the situation.
The current Liquidator is the third, seeing that on July 22, 2019 Mr. Kareem Michael, Sub-director of the Central︀ Bank of Belize of Belize has replaced Mr. Cedric Flowers who, in turn, replaced henry︁ Hasse, who quit just a few days after his nomination.
Now, the bank and the︂ account holders’ money is completely in the hands of the Central Bank Gang commanded by︃ the Governor Ambassador A. Joy Grant who is supported by the Prime Minister and the︄ Minister of Finance, Mr. Dean Barrow. This Gang has been able to put 3 banks︅ in liquidation during the last 3 years; now the Central Bank’s task really is to︆ exercise control over the banks. Whose fault is it that 3 banks went “bad”? Or,︇ were they bad and the Central Bank found the way to divide a few cakes?︈
A few facts:
Is it possible that a liquidator doesn’t know that Euros can’t be sent to an account in dollars?
Is it possible that a liquidator and the Central Bank︀ don’t have contacts for opening an account for returning money from a liquidation?
Now they’re︁ telling us, in the latest update from November 29, that: “Consequently, though the monies held︂ by the Liquidator remain secure, payouts have been suspended.”.
In the following, I’m providing a︃ few excerpts from my correspondence with the Liquidator and his responses. I asked the Liquidator︄ if money can be withdrawn in cash and he replied: “I am surprised by your︅ suggestion of cash payouts. I believe you above all of Choice's Claimants should be extremely︆ familiar with Anti Money Laundering and Financing of Terrorism Regulations. I guess you do things︇ differently where you are.”. Yes, we definitely do things differently, according to the norms, and︈ a bank can write a check and there is even the option of collecting cash︉ for it! Dear liquidator, the use of cash isn’t prohibited in any country, you just︊ have to investigate its provenance and its destination, and if you still haven’t done it,︋ I don’t understand what the Central Bank has been doing other than put stumbling blocks︌ for depositors in a predicament.
This is how he responded to threats of being taken︍ to court: “To your theory and your repeated statements and threats of court action, let︎ me try to assist you. Recall that the former owners of Choice pursued this course.️ All the affidavits are available should you wish to look at them. I am sure you have contacts in Belize that can provide you with these.”. This sounds to me like don’t even try, our legal system is corrupt and they’re always going to lose anyway! And I believe them, this is why I haven’t mistakenly taken this path. I’m certain that, in Belize, where everyone is connected or are family, there is no way to be successful with a demand and that, without having exhausted all legal resources in Belize, you can’t turn to an international court, so that you are certain that they︀ can appropriate the account holders’ money without consequences.
The Liquidator’s defense is insults: “I understand︁ that you are in this for personal gain and really do not have the interest︂ of the depositors at heart. To what end will you continue to spew this rhetoric︃ and false claims”. The Liquidator obviously doesn’t remember that, in addition to representing several clients,︄ I am personally an account holder and a claimant of the bank.
And then, finding︅ himself without an argument, he reaches for justifications: “I have accumulated 56 million and have︆ already begun the process of selling the remaining financial assets of Choice Bank that were︇ severally impaired - toxic if you will. By the way, when you do get your︈ hands on the affidavits, be sure to read that of the mutually agreed international expert︉ and his conclusions that the bank was insolvent. Maybe your perception will change then.”
Mr. Liquidator, let me publicly ask you some new questions:
Why don’t you provide us with︊ all these documents about which you are talking?
Why did you sell all the bank’s︋ property without having a public auction?
Why haven’t you published an inventory and a balance?︌
Is this the transparency that you are flouting?
To finish, all you need to do︍ is account holders look at the bottom of this article for the update published by︎ the Liquidator and you will see what he has done since his nomination:
Choice Bank liquidator has published︁ on November 29 this update:
On 27 September 2019, Choice Bank Limited – In Liquidation︂ (Choice) was informed by the correspondent bank of the 2 banks holding the accounts of︃ the Liquidator that all partial payouts (to claimants) on behalf of the liquidation were being︄ suspended subject to further review of the partial payouts that had been processed.
On 15︅ October 2019, the correspondent bank through which all transactions (payouts, payments for operational expenses and︆ inflows from the marshalling and liquidation of assets) flowed, officially terminated its relationship with the︇ Liquidator. Up to that point, 132 partial payouts for a cumulative value of nearly US︈ $7.6 million had been reported as fully executed.
On 24 October 2019, the Liquidator was︉ asked to provide wire instructions to move the cash balances that were being held in︊ the two subaccounts at this correspondent bank. The two subaccounts totaled approximately US $56 million.︋ This balance remains the same as of the date of this release.
Subsequently, the Liquidator︌ managed to secure a small custodial arrangement with strict terms and conditions through a foreign︍ agent. This account can only be used to facilitate payments for operational expenses that result︎ from the provision of services by lawyers, IT service providers and other vendors located outside️ of Belize. Also, this account can only receive inflows from the sale of a specific loan asset.
The Liquidator has yet to secure alternative arrangements to allow for the movement of the cash balances from the subaccounts at the correspondent bank. The Liquidator has been in negotiations with escrow agents, payment agents, e-money providers and even card partners as possible alternative solutions to this significant challenge. (Negotiations with banks have not progressed beyond introductions.) The Liquidator has been prudent and cautious during these negotiations so as to ensure that a safe and efficient payment channel is secured for all. Consequently, though the monies held by︀ the Liquidator remain secure, payouts have been suspended.
Central Bank’s Standing Committee received a large︁ number of Objections (Section 113 of the Domestic Banks and Financial Institutions Act.) after︂ the Schedule of the Actions Proposed for the Winding-up of Choice Bank Limited was filed.︃ Most of the Objections were from corporate clients who were part of a sophisticated card︄ program named First Choice Pay (FCP Program) which was managed and operated by Choice and︅ another card partner. The claims by these corporate clients were initially rejected pending verification. The︆ Liquidator has since commissioned a full scale reconciliation project and all the claims from these︇ corporate clients have now been determined. These claims will be accepted in full.
The second︈ major task of the reconciliation project involves the determination of amounts not transferred by the︉ card partner of the FCP Program to Choice vis-à-vis that card partner’s claim. The Liquidator︊ intends to do its best to settle this claim soonest. The final list of claimants︋ will be published immediately after.
By Giovanni Caporaso Gottlieb, Panama’s Attorney at Law
The nightmare for the account holders of the Choice Bank of Belize, placed in forced liquidation by the Central Bank of Belize doesn’t appear to have an end in sight, once again showing the incompetence of the Central Bank and the Liquidator.
The matter has been badly managed since the beginning seeing that the bank was placed in liquidation with the cancellation of its license on June 29, 2018, without going through a controlled administration that allowed the authorities to take the actual pulse of the situation.
The current Liquidator is the third, seeing that on July 22, 2019 Mr. Kareem Michael, Sub-director of the Central︀ Bank of Belize of Belize has replaced Mr. Cedric Flowers who, in turn, replaced henry︁ Hasse, who quit just a few days after his nomination.
Now, the bank and the︂ account holders’ money is completely in the hands of the Central Bank Gang commanded by︃ the Governor Ambassador A. Joy Grant who is supported by the Prime Minister and the︄ Minister of Finance, Mr. Dean Barrow. This Gang has been able to put 3 banks︅ in liquidation during the last 3 years; now the Central Bank’s task really is to︆ exercise control over the banks. Whose fault is it that 3 banks went “bad”? Or,︇ were they bad and the Central Bank found the way to divide a few cakes?︈
A few facts:
- A balance from the bank was never published after it was put︉ into liqudation, nor was a public auction of its assets ever held; nor has a︊ list of who purchased the bank’s assets been published up to now.
- The names of︋ the banks where the Liquidator keeps the money was never revealed.
- The account holders were︌ never informed of the expenses of the liquidation operation and how much the Liquidator and︍ his collaborators took from our money.
- They never informed us during the period of our︎ claims that they couldn’t make payments in Euros, so many payments were mistakenly sent and️ are lost. Isn’t this incompetence om the part of a highly placed official of the Central Bank?
- A list of countries where they can’t send money was published, including European countries and others who have never been on the blacklist. Who invented this list and with what support?
Is it possible that a liquidator doesn’t know that Euros can’t be sent to an account in dollars?
Is it possible that a liquidator and the Central Bank︀ don’t have contacts for opening an account for returning money from a liquidation?
Now they’re︁ telling us, in the latest update from November 29, that: “Consequently, though the monies held︂ by the Liquidator remain secure, payouts have been suspended.”.
In the following, I’m providing a︃ few excerpts from my correspondence with the Liquidator and his responses. I asked the Liquidator︄ if money can be withdrawn in cash and he replied: “I am surprised by your︅ suggestion of cash payouts. I believe you above all of Choice's Claimants should be extremely︆ familiar with Anti Money Laundering and Financing of Terrorism Regulations. I guess you do things︇ differently where you are.”. Yes, we definitely do things differently, according to the norms, and︈ a bank can write a check and there is even the option of collecting cash︉ for it! Dear liquidator, the use of cash isn’t prohibited in any country, you just︊ have to investigate its provenance and its destination, and if you still haven’t done it,︋ I don’t understand what the Central Bank has been doing other than put stumbling blocks︌ for depositors in a predicament.
This is how he responded to threats of being taken︍ to court: “To your theory and your repeated statements and threats of court action, let︎ me try to assist you. Recall that the former owners of Choice pursued this course.️ All the affidavits are available should you wish to look at them. I am sure you have contacts in Belize that can provide you with these.”. This sounds to me like don’t even try, our legal system is corrupt and they’re always going to lose anyway! And I believe them, this is why I haven’t mistakenly taken this path. I’m certain that, in Belize, where everyone is connected or are family, there is no way to be successful with a demand and that, without having exhausted all legal resources in Belize, you can’t turn to an international court, so that you are certain that they︀ can appropriate the account holders’ money without consequences.
The Liquidator’s defense is insults: “I understand︁ that you are in this for personal gain and really do not have the interest︂ of the depositors at heart. To what end will you continue to spew this rhetoric︃ and false claims”. The Liquidator obviously doesn’t remember that, in addition to representing several clients,︄ I am personally an account holder and a claimant of the bank.
And then, finding︅ himself without an argument, he reaches for justifications: “I have accumulated 56 million and have︆ already begun the process of selling the remaining financial assets of Choice Bank that were︇ severally impaired - toxic if you will. By the way, when you do get your︈ hands on the affidavits, be sure to read that of the mutually agreed international expert︉ and his conclusions that the bank was insolvent. Maybe your perception will change then.”
Mr. Liquidator, let me publicly ask you some new questions:
Why don’t you provide us with︊ all these documents about which you are talking?
Why did you sell all the bank’s︋ property without having a public auction?
Why haven’t you published an inventory and a balance?︌
Is this the transparency that you are flouting?
To finish, all you need to do︍ is account holders look at the bottom of this article for the update published by︎ the Liquidator and you will see what he has done since his nomination:
- He has️ achieved making the bank correspondent (which ensures that he earns well from transactions, when he has ended the relationship), And why did he do this?;
- He achieved suspending payouts;
- Ge hasn’t achieved recuperating payments mistakenly made and sent by bad information, in dollars to accounts in Euros;
- Subsequently, the Liquidator managed to secure a small custodial arrangement with strict terms and conditions through a foreign agent. This account can only be used to facilitate payments for operational expenses that result from the provision of services by lawyers, IT service providers and other vendors located outside of Belize.”.
Choice Bank liquidator has published︁ on November 29 this update:
On 27 September 2019, Choice Bank Limited – In Liquidation︂ (Choice) was informed by the correspondent bank of the 2 banks holding the accounts of︃ the Liquidator that all partial payouts (to claimants) on behalf of the liquidation were being︄ suspended subject to further review of the partial payouts that had been processed.
On 15︅ October 2019, the correspondent bank through which all transactions (payouts, payments for operational expenses and︆ inflows from the marshalling and liquidation of assets) flowed, officially terminated its relationship with the︇ Liquidator. Up to that point, 132 partial payouts for a cumulative value of nearly US︈ $7.6 million had been reported as fully executed.
On 24 October 2019, the Liquidator was︉ asked to provide wire instructions to move the cash balances that were being held in︊ the two subaccounts at this correspondent bank. The two subaccounts totaled approximately US $56 million.︋ This balance remains the same as of the date of this release.
Subsequently, the Liquidator︌ managed to secure a small custodial arrangement with strict terms and conditions through a foreign︍ agent. This account can only be used to facilitate payments for operational expenses that result︎ from the provision of services by lawyers, IT service providers and other vendors located outside️ of Belize. Also, this account can only receive inflows from the sale of a specific loan asset.
The Liquidator has yet to secure alternative arrangements to allow for the movement of the cash balances from the subaccounts at the correspondent bank. The Liquidator has been in negotiations with escrow agents, payment agents, e-money providers and even card partners as possible alternative solutions to this significant challenge. (Negotiations with banks have not progressed beyond introductions.) The Liquidator has been prudent and cautious during these negotiations so as to ensure that a safe and efficient payment channel is secured for all. Consequently, though the monies held by︀ the Liquidator remain secure, payouts have been suspended.
Central Bank’s Standing Committee received a large︁ number of Objections (Section 113 of the Domestic Banks and Financial Institutions Act.) after︂ the Schedule of the Actions Proposed for the Winding-up of Choice Bank Limited was filed.︃ Most of the Objections were from corporate clients who were part of a sophisticated card︄ program named First Choice Pay (FCP Program) which was managed and operated by Choice and︅ another card partner. The claims by these corporate clients were initially rejected pending verification. The︆ Liquidator has since commissioned a full scale reconciliation project and all the claims from these︇ corporate clients have now been determined. These claims will be accepted in full.
The second︈ major task of the reconciliation project involves the determination of amounts not transferred by the︉ card partner of the FCP Program to Choice vis-à-vis that card partner’s claim. The Liquidator︊ intends to do its best to settle this claim soonest. The final list of claimants︋ will be published immediately after.
hi again , i asked them what taht means and here is what they said. I still not understand what that mean for us, if is good or bad,or have any conection with us.
'' The notice is simply saying that the remaining financial assets of Choice have been placed to tender. Firms are asked to submit offers on these loans and investments. One firm already did and that offer was for $10.5 million. Recall, that the total cash currently collected is around US 55 million.
So if these assets are sold, the total pool of cash will be around US 66 million available for︀ payout. This is in addition to the US $7 million already distributed.''
I hope this︁ helps.
Kind Regards,
The Liquidation Team.
'' The notice is simply saying that the remaining financial assets of Choice have been placed to tender. Firms are asked to submit offers on these loans and investments. One firm already did and that offer was for $10.5 million. Recall, that the total cash currently collected is around US 55 million.
So if these assets are sold, the total pool of cash will be around US 66 million available for︀ payout. This is in addition to the US $7 million already distributed.''
I hope this︁ helps.
Kind Regards,
The Liquidation Team.
There is an update on the ChoiceBankLimitedinLiquidation website:
NOTICE TO CLAIMANTS
The Liquidator of Choice Bank Limited has entered into a Paying Agent Agreement. The Agreement requires that the Agent demonstrates its ability to process wire instructions for a set of randomly selected approved claimants. The Agent will conduct due diligence (and enhance due diligence where necessary) on each of the randomly selected approved claimants prior to the release of the wire utilizing the Know Your Customer (KYC) documents already submitted by the approved claimants. Please note that this is only a trial run to finalize the process and to test the efficacy of the︀ Agent. Only after this trial period, and based on the results, will resumption of the︁ first round of partial distributions occur. Those claimants who were randomly selected will be contacted︂ directly.
Some people from "banned countries" received their money.
NOTICE TO CLAIMANTS
The Liquidator of Choice Bank Limited has entered into a Paying Agent Agreement. The Agreement requires that the Agent demonstrates its ability to process wire instructions for a set of randomly selected approved claimants. The Agent will conduct due diligence (and enhance due diligence where necessary) on each of the randomly selected approved claimants prior to the release of the wire utilizing the Know Your Customer (KYC) documents already submitted by the approved claimants. Please note that this is only a trial run to finalize the process and to test the efficacy of the︀ Agent. Only after this trial period, and based on the results, will resumption of the︁ first round of partial distributions occur. Those claimants who were randomly selected will be contacted︂ directly.
Some people from "banned countries" received their money.
That's really good news to all that had money in this bank. Let's hope they will pay the full depth to everyone they owe money!
lol....wonder which Paying Agent they got into agreement with now. You wouldn't want a wire coming through from Afghanistan International Bank.
I received an email 2 weeks ago and told I would receive my money by the latest last Friday. That was a week ago and still NOTHING. It’s quite a torture all this waiting to get back my retirement money.
Personally, I received about 53% of the claimed amount in August 2019.
My personal opinion: all is not lost. Let's wait for those "two to three weeks" after which we are supposed to be contacted again by the liquidation team, to see what's in store for us. Am I too optimistic?
My personal opinion: all is not lost. Let's wait for those "two to three weeks" after which we are supposed to be contacted again by the liquidation team, to see what's in store for us. Am I too optimistic?
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