Central Bank Looks into Allegations Against ABL

Last Monday, the attorney for Michael Feinstein, Godfrey Smith, wrote to the Governor of the Central Bank of Belize requesting an investigation of Atlantic Bank Limited. The allegation was that ABL committed, “serial breaches of the Domestic Banks and Financial Institutions Act”.  The letter noted that ABL approved and disbursed over sixty million dollars in loan funds to Stake Bank Enterprise Limited using monies belonging to depositors, as well as the pension funds of employees working at Atlantic Bank Limited. The letter asserts that this was done without ensuring that adequate security was put in place at the onset. These were among the numerous allegations raised against ABL in the letter. Today, when reporters caught up with Smith, he said that the Central Bank of Belize has assured him that they are looking into the allegations. 

 

Godfrey Smith S.C., Attorney-at-law

“As I understand it the Central Bank is looking into the matter.”

 

Reporter

“They have acknowledged the receipt of the letter?”

 

Godfrey Smith

“Yes, they have.”

 

Reporter

“But in terms of processes, what do you expect next? Have they given a timeline or do you expect that by a specific time?”

 

Godfrey Smith

“No, I do not know of a timeline, but I understand the matter is being taken seriously and being examined.”

 

Reporter

“How do you proceed, will Feinstein give the bank a certain time, let us say three months and then take them to court?”

 

Godfrey Smith

“Well I don’t think we are there yet. As I said, I think the Central Bank of Belize is taking the matter absolutely seriously and looking at the allegations, as it should, as it is obliged to do and as it is doing as far as I am aware.”