According to a release from OffshoreAlert (at http://www.offshorebusiness.com) the Central Bank of the Bahamas said yesterday that it had suspended the banking license of Suisse Security Bank & Trust on March 5th, with a view to revoking it.
A legal spokesman for the Central Bank said that the suspension lasts for up to 90 days but that the license can be revoked at any time from March 12, once a seven-day period for objections has elapsed.
A hearing is due to take place at the Bahamas Supreme Court today at which SSBT will object to the suspension and seek to have it overturned. A previous court hearing about the matter took place last Friday.
OffshoreAlert (a website which specialises in reporting on offshore fraud and scams) also said that the Grenada International Financial Services Authority had revoked the licenses of 19 of its offshore banks. The banks concered are:
Electra Finance Bank Ltd., Sattva Investment Bank Ltd., Network International Bank Ltd., Trafalgar Atlantic Bank Ltd., 21st Century Banking Corp Ltd., New London Investment Bank Ltd., Bank of Atlantic Ltd., Carib Bank International Ltd., Dominion Bank Corp., First Mercantile Bank Ltd., Pacific Crown Bank Ltd., Worldwide Bank Ltd., Southwind International Bank Ltd., Union Caribbean Bank Ltd., Commercial Bank & Trust International, Euro Credit Bank & Trust Ltd., First International Bank of Grenada Ltd., Commercial Bank & Trust International and Euro Credit Bank & Trust Ltd.
OffshoreAlert is at
Offshore Business News & Research
123 S. E. 3rd Avenue, PMB #173,
Miami, FL 33131, USA.
Tel.: 305-372-6267
Fax: 305-372-8724
Email: info@offshorebusiness.com
Web: www.offshorebusiness.com
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