The Central Bank of Barbados announced recently that it has seized management and control of Olympus Bank and Trust SCC with a view to closing the offshore bank down.
It emerged following the July 19th seizure that the action had been taken over the bank's failure to comply with the provisions of the International Financial Services Act.
Olympus is owned by a Canadian hedge fund firm, the Norshield Financial Group, which is currently under investigation over the disappearance of US $130 million.
Observers have suggested that the incident is an isolated one, and is unlikely to harm Barbados' reputation internationally.
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