Yesterday the headlines were all about Sanctuary Bay and the web woven with Atlantic International Bank Limited. Prime Minister spoke on allegations against him and his administration and kinda set some things straight – for now, at least. What has been placed at the forefront now is the way the liquidator will proceed with the wrap up of AIBL and what depositors will be taking home. According to the Prime Minister, they certainly will not be walking away with what they initially brought to the table.
Prime Minister Dean Barrow: “Nobody would encounter any difficulty in dealing with, in treating with the assets of AIBL after in fact a settlement would have been reached. The liquidator would then be free to auction off the portfolio so that depositors, a few of whom in AIBL are Belizeans with majority as I understand it well in excess of the depositors of AIBL are Americans but there are a few Belizean. Of course the longer the fight continued with the FTC the more AIBL in liquidation was being drained of assets so at the end of the day it would mean that depositors would certainly not be made fully whole. What they would get back after the residue of the assets AIBL would have been disposed of would amount to certainly not the full extent of the deposits that they have had at the Atlantic International Bank.”
Julian Murillo is the appointed liquidator in the AIBL matter. He opened yesterday’s press conference on how he plans to proceed.
Julian Murillo – AIBL Liquidator: “Though there has not been any court judgment or determination against AIBL nor has the bank admitted to any wrongdoing. A reasonable settlement of the FTC Allegations in my judgment is in the interest of AIBL’s depositors, creditors and the liquidation process overall for the following reasons:first the ability to dispose of the bank’s loan portfolio which represents 70% of all AIBL assets is their material factor for prospective purchases. Second I on behalf of the depositors and creditors must be concerned about the financial human resource and time cost attendant to an extended legal battle with the FTC in the U.S. Courts. At the point of liquidation AIBL’s management had already spent almost $4 million on legal costs. Subsequent to liquidation these costs have continued to rise and now accrue directly to depositors and creditors. Therefore as the liquidator, acting in the interest of depositors and creditors of AIBL I am consistent with my responsibilities under the International Banking Act. It is my duty to ensure that the estate negotiated fair, final and comprehensive resolution to the FTC’s action. The settlement agreed upon resolves all allegations against AIBL and paves the way for the optimal and most expeditious possible return for depositors and creditors in the liquidation process.”