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Sep 19, 2019

A Settlement between A.I.B.L. and F.T.C. is Imminent

The winding down and liquidation of Atlantic International Bank Limited is nearing completion as a settlement with the Federal Trade Commission is imminent.  This succeeds the Sanctuary Bay real estate scam in which A.I.B.L. was the offshore banking institution used by dozens of American investors.  Prime Minister Dean Barrow did not go into great details on the latest development; suffice to say that an official statement will be issued by the F.T.C. in the days ahead.  He also says that when a settlement has been reached, it is expected that A.I.B.L.’s liquidator will also be making a statement.


Dean Barrow

Prime Minister Dean Barrow

“The commissioners have signed off on the settlement.  There is a press release that’s going to come out next week.  There is one housekeeping aspect, they’ve got to go before the two judges to formalize the withdrawal of something in Miami and the, as it were, enshrinement of the settlement that the commissioners of the FTC have now approved.  So it’s just a matter of one or two additional housekeeping items, but as I say, the commissioners have now signed off, have now approved and by next week you should get a press release from them.  …after the press release is given by the FTC, I would imagine that the liquidator here will make his own statement or no doubt have a briefing with you all so that he could get into all the details of how the settlement has panned out.”



“In that regard, we’ve gotten reports that some Belizeans who have monies in AIBL actually got their monies ahead of the liquidation process and your brother being one of them…”


Prime Minister Dean Barrow

“I know nothing about that, you’d have to ask the liquidator.  It doesn’t sound to me that that is possible, but you’d have to ask the liquidator.”

Viewers please note: This Internet newscast is a verbatim transcript of our evening television newscast. Where speakers use Kriol, we attempt to faithfully reproduce the quotes using a standard spelling system.

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