FTC Still Pursuing Settlement with AIBL over Sanctuary Belize Scheme

A settlement between Atlantic International Bank Limited and the Federal Trade Commission is still being pursued as a consequence of the Sanctuary Belize debacle which resulted in foreign investors losing hundreds of millions of U.S. dollars in a Ponzi Scheme.  Earlier today, PM Barrow provided an update on the matter, informing that a meeting was held last week between the FTC, U.S. Charge d’ Affaires Keith Gilges and himself.

Dean Barrow

Prime Minister Dean Barrow

“The charge d’ affaires from the U.S. had come over to the Cabinet room and the FTC people had called in, that took place maybe two weeks ago and I had indicated to the FTC that we want to settle the matter.  It’s not for the government or the Central Bank because if the Central Bank tries to get involved in a commercial settlement it would lose its immunity from suit and from attachment.  So we were very clear, there is now a liquidator appointed under our law and he is the one who has custody over the matter, but government and the Central Bank were invested as interested parties because we want whatever cloud there is over our jurisdiction, in consequence of the AIBL situation, to be lifted and Mr. Cohen had said that he too wants a settlement and that it was on that basis that we agreed that there ought to have been a meeting.  It was set for the week before but Ambassador Espat and Mrs. Grant had plane troubles.  They couldn’t land in Miami, they had to go to Tampa and they were kept there for hours and by the time they got back to Miami it was too late to get a flight and that sort of thing.  But in any event, the meeting was held last week.  The next step is for the FTC to meet now with the liquidator, that meeting did not include the liquidator.  We reiterated the position that of course neither the government nor the Central Bank can agree a settlement, it is the liquidator appointed now by law and seized with certain powers who is the only one who can agree a settlement but of course because we have an interest in seeing a settlement we will do whatever we can to encourage the liquidator.”