Panama Bank ListInformation about the Panama banking system
Panama sees banking scandal
On Tuesday the Texas Bank’s customers started withdrawing their deposited funds from the bank and there was a huge panic when the news of fraudulent by Robert Allen Stanford, the only share holder of Texas Bank, was released in the media. US Security Commission investigated Robert Allen Stanford for his fraudulently obtaining $8 billion from 50,000 investors. The two branches of Punta Pacific and Stanford Bank in Obarrio was surrounded with customers, going to ATM machines and cashiers, who wanted to empty their accounts opened with them.
When the management of the bank told the fragile situation they undergone after the fraud done by its only share holder, the bank Superintendent took initiative to save the bank and stopped the operations on Tuesday and appointed Ramon Martinez Stagg as the interim administrator on Wednesday to stop the panic. He was the Executive President of Stanford Bank in Panama.
Robert Allen Stanford is being searched by the Federal authorities. Currently they went to his house, but he could not be found.
U.S. Marshals took control of all the offices and SEC investigators are laying claim Stanford and close associates of him scammed tens of thousands of investors out of billions of dollars. They were trying to win their approval in safe CDs, certificates of deposits, faking double-digit returns.
Two erstwhile employees of the Houston-based company filed a lawsuit and left Stanford. They said that they were pushed to resign when they found the indecency in the financial status.
In the meantime in the banking sector in Panama has been agitated by the Stanford Bank news. Everyone is trying to study the decision of the Superintendent of the bank. The administration is emphasizing that the situation of Stanford Bank is an isolated case. They say it was not a result of worsening of the bank’s financial situation in Panama but it was a result of the decisions made by a foreign government.
Ricardo M. Alba said that because of the legal base the steps taken by the Superintendent of the bank, it was justifiable especially when the Stanford Bank’s main shareholder has been charged under the United States of Banking fraud.
“It was necessary to take preventive measures to stop massive withdrawal in Panama,” said Ricardo M. Alba.
The superintendent of the bank has rejected to provide any more explanations as to what will happen to Stanford Bank in future. He has refused to say anything about the destiny of the bank.
For the time being the measure are taken up and will continue as per required.
Comments are closed
