U.S. Wants To
Be "Effective Partner" of Central America
Panama Will
Sell Local Stanford Affiliate, Regulator
Says
Three
Colombian Guerrillas Detained In Panama
Extradited to the US
More Than 1,000 Slain
in Guatemala in 1st Quarter, Group Says
Panama Will
Sell Local Stanford Affiliate, Regulator
Says
By Eric Sabo
(Bloomberg) -- Panama’s government will sell
off a local affiliate of Stanford Financial
Group, the country’s banking regulator said.
Bids are due April 20 and the superintendent
of banks will consider them over 60 days.
Buyers will receive all of the bank’s
assets, the regulator said in an e-mailed
statement today.
Stanford Bank (Panama) SA was taken over by
the government on Feb. 18 after fraud
accusations by U.S. authorities prompted
customers to withdraw funds.
The U.S. Securities and Exchange Commission
sued R. Allen Stanford, two associates and
three affiliated companies on Feb. 17,
accusing them of “massive ongoing fraud”
involving high- yield certificates of
deposit.
Stanford, 59, has said he’s innocent.
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