Choice Bank Limited (hereafter “Choice”) is pleased to announce that beginning Monday, July 2, all depositors will be able to withdraw up to US$25,000 from their respective accounts. Choice expects that later in July, all depositors may withdraw an additional US$25,000 to US$75,000. Choice further expects that all depositors will be able to withdraw US$100,000 before the end of August 2018. Finally, by the end of the year all depositors are projected to have full access to 100% of their funds should they wish to close their accounts.
Choice is able to do this because it has made significant progress over the last 60 days in monetizing its assets and is confident that, it will continue to make significant headway in further liquidating its remaining illiquid assets and paying out depositors.
Choice had developed a plan which it presented for approval to its regulators, the Central Bank of Belize and the Prime Minister on or about June 15, 2018. The plan would have allowed all depositors to withdraw up to US$100,000 of their funds by the end of June and all remaining depositors to withdraw the entirety of the balance of their funds by the end of September 2018. Delays in the regulatory approval process led to a reduced access to liquidity for Choice. In the interest of depositors, Choice’s Board and management have nonetheless decided, to seek to implement a more conservative plan which will result in the immediate availability of US$25,000 to all depositors and will offer additional redemption of depositors on a pari passu basis as soon as assets are monetized. Specifically, further funds will be made available when Choice receives two large deposits from foreign financial institutions both of which are expected to be paid in July.
Based on the success which Choice has had over the past two months, it is confident that it will be successful in liquidating its remaining assets in such a way as to return all funds to all depositors by year end.
Choice, its board, officers and employees regret that depositor funds have been frozen for the past 2 1/2 months. These past two months have been very difficult. They have, however, given Choice the opportunity to make certain that it will have the ability to repay all depositors in an equitable manner. We would like to thank our customers for their patience and understanding. Choice has endeavored to act at all times in good faith only in the best interests of its customers and depositors. Choice is confident that with the support of its regulators, all depositors will be satisfied.
www.choicebankltd.com/choice-bank-limited-ready-to-begin-paying-depositors-on-july-2/
Сообщение отредактировал Elena: 29 Июнь 2018 - 19:01
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