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Sep 24, 2019

Liquidator Says Settlement Resolves Allegations Against the Bank

Julian Murillo, the Liquidator of A.I.B.L., also confirmed the settlement which will cede to the F.T.C., twenty-three million U.S. dollars of A.I.B.L. assets held in the U.S. and currently subject to the restraining order and agreements of cooperation with the F.T.C.  Murillo asserts that the settlement resolves all allegations against the bank, ensures the recognition of the liquidation process under U.S. Chapter fifteen bankruptcy laws.  According to Murillo, the settlement reached is in the best interest of A.I.B.L.’s depositors and creditors and the liquidation process for three reasons. First, there is the ability to dispose of the bank’s loan portfolio without hindrance, which represents a significant portion of A.I.B.L.’s assets.  Second, the statement cites the protracted legal process and costly legal battle with the F.T.C. in U.S. courts which would have been onerous on the liquidation estate. Already two million dollars has been spent in legal costs since the bank’s license was revoked in April. Third, the liquidation could not be concluded until the F.T.C. proceedings concluded; the case was set to begin in late January, 2020 in a Maryland court. All in all, the bank will have to chin up forty-six million Belize dollars to settle with the F.T.C. in respect of the one of the biggest real estate scams.

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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