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Aug 8, 2018

Choice Bank Sues G.O.B.

There is a new development in respect of the defunct Choice Bank. The bank’s license was abruptly revoked on June twenty-ninth at the recommendation of the Central Bank of Belize to the Minister of Finance. The Bank is now suing the Minister of Finance, the Central Bank and the Attorney General  on the basis that though it had presented  a plan to deal with depositors, it was never revealed to them that a license would be revoked, nor was the recommendation for their closure disclosed. Following the winding down, the Central Bank also appointed and then replaced Henry Hazel with Cedric Flowers as liquidator without their knowledge.  Choice Bank believes that these actions are unjustified and unlawful which has caused losses and damages, including to its reputation.  The claimants are seeking a declaration that the Central Bank acted in breach and that by revoking the license, the Minister of Finance acted in breach of his statutory duties. Furthermore, that both the Minister and Central Bank failed to exercise their powers to promote the IBA and acted for ulterior or improper purposes. Choice is also seeking a declaration that the decision was in breach of the bank’s right to a fair hearing and irrational in light of a repayment plan. It is also seeking damages.

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