Panama Will Sell Local Stanford Affiliate, Regulator Says
(bloomberg.com) 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.
To contact the reporter on this story: Eric Sabo in Panama City at esabo1@bloomberg.net.
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Original Source: Bloomberg.com
Date Retrieved: April 20, 2009
