International banking in 3rd world countries is harder than you can imagine, it all depends on US and EU banks for theses countries to conduct their business. Anyway this may take some more time but have faith people, my mindset is to forget about this matter as long as no new updates are being made. And focus on making money in real life. Good luck for all.
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What is going on with First Choice?
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- Mar 23, 2017
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I mean do they say to those who haven't received the first part? or all of them? because they have like a ranking of prorities and I remember FCP cards holders were almost the last ones on the list... My question is are they saying the second distribution? or all of them (first part, second part , and all on the list, not only FCP)
- Mar 23, 2017
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From this update, to me it means that we will be waiting for a Long Long time and will not see our money back.
I haven't even received the 1st distributionso upset! After SO much Time, effort and spending extra money to print, notarize documents and forms, emails exchange.. For not even received the First half of my money (and I'm in the US)!
From now on they can just give the excuse that they have not found any intermediate bank to send the funds and that are working on it, and be "working on it" forever... this could literally last for years! They don't even need to try to find an intermediate bank again, why would they be in a hurry anyway?
So from now on and years to come they can just say they aren't able to send funds anymore because no intermediate bank accepts it! I just have a feeling this will last for many years now as they will say forever "we have been trying to find a new intermediate bank but no one accepts us"! Its just so frustrating to me, I was counting on at LEAST receiving the first 50%!
why didn't u get the first if u are in US? that's awful! they don't have excuses. Why didn't u use the direct deposit as payment method instead of FCP?
They meant on first distribution. There are a lot of us without the first one, plus the corporate claims they now approved. It is normal that only after paying that first ( which who knows when it will be) they can start considering the second one. Also, you cannot expect if/when they resume payments, that first round will be finished fast. Nevertheless...this problem they are having now, i think noone even considered possible...not even they...it is a serious one for sure...
I leave this here for all of you to read it!
The Choice Bank saga never ends
By Giovanni Caporaso Gottlieb, Panama’s Attorney at Law
The nightmare for the account holders of the Choice Bank of Belize, placed in forced liquidation by the Central Bank of Belize doesn’t appear to have an end in sight, once again showing the incompetence of the Central Bank and the Liquidator.
The matter has been badly managed since the beginning seeing that the bank was placed in liquidation with the cancellation of its license on June 29, 2018, without going through a controlled administration that allowed the authorities to take the actual pulse of the situation.
The current Liquidator is the third, seeing that on July 22, 2019 Mr. Kareem Michael, Sub-director of the Central Bank of Belize of Belize has replaced Mr. Cedric Flowers who, in turn, replaced henry Hasse, who quit just a few days after his nomination.
Now, the bank and the account holders’ money is completely in the hands of the Central Bank Gang commanded by the Governor Ambassador A. Joy Grant who is supported by the Prime Minister and the Minister of Finance, Mr. Dean Barrow. This Gang has been able to put 3 banks in liquidation during the last 3 years; now the Central Bank’s task really is to exercise control over the banks. Whose fault is it that 3 banks went “bad”? Or, were they bad and the Central Bank found the way to divide a few cakes?
A few facts:
Is it possible that a liquidator doesn’t know that Euros can’t be sent to an account in dollars?
Is it possible that a liquidator and the Central Bank don’t have contacts for opening an account for returning money from a liquidation?
Now they’re telling us, in the latest update from November 29, that: “Consequently, though the monies held by the Liquidator remain secure, payouts have been suspended.”.
In the following, I’m providing a few excerpts from my correspondence with the Liquidator and his responses. I asked the Liquidator if money can be withdrawn in cash and he replied: “I am surprised by your suggestion of cash payouts. I believe you above all of Choice's Claimants should be extremely familiar with Anti Money Laundering and Financing of Terrorism Regulations. I guess you do things differently where you are.”. Yes, we definitely do things differently, according to the norms, and a bank can write a check and there is even the option of collecting cash for it! Dear liquidator, the use of cash isn’t prohibited in any country, you just have to investigate its provenance and its destination, and if you still haven’t done it, I don’t understand what the Central Bank has been doing other than put stumbling blocks for depositors in a predicament.
This is how he responded to threats of being taken to court: “To your theory and your repeated statements and threats of court action, let me try to assist you. Recall that the former owners of Choice pursued this course. All the affidavits are available should you wish to look at them. I am sure you have contacts in Belize that can provide you with these.”. This sounds to me like don’t even try, our legal system is corrupt and they’re always going to lose anyway! And I believe them, this is why I haven’t mistakenly taken this path. I’m certain that, in Belize, where everyone is connected or are family, there is no way to be successful with a demand and that, without having exhausted all legal resources in Belize, you can’t turn to an international court, so that you are certain that they can appropriate the account holders’ money without consequences.
The Liquidator’s defense is insults: “I understand that you are in this for personal gain and really do not have the interest of the depositors at heart. To what end will you continue to spew this rhetoric and false claims”. The Liquidator obviously doesn’t remember that, in addition to representing several clients, I am personally an account holder and a claimant of the bank.
And then, finding himself without an argument, he reaches for justifications: “I have accumulated 56 million and have already begun the process of selling the remaining financial assets of Choice Bank that were severally impaired - toxic if you will. By the way, when you do get your hands on the affidavits, be sure to read that of the mutually agreed international expert and his conclusions that the bank was insolvent. Maybe your perception will change then.”
Mr. Liquidator, let me publicly ask you some new questions:
Why don’t you provide us with all these documents about which you are talking?
Why did you sell all the bank’s property without having a public auction?
Why haven’t you published an inventory and a balance?
Is this the transparency that you are flouting?
To finish, all you need to do is account holders look at the bottom of this article for the update published by the Liquidator and you will see what he has done since his nomination:
Choice Bank liquidator has published on November 29 this update:
On 27 September 2019, Choice Bank Limited – In Liquidation (Choice) was informed by the correspondent bank of the 2 banks holding the accounts of the Liquidator that all partial payouts (to claimants) on behalf of the liquidation were being suspended subject to further review of the partial payouts that had been processed.
On 15 October 2019, the correspondent bank through which all transactions (payouts, payments for operational expenses and inflows from the marshalling and liquidation of assets) flowed, officially terminated its relationship with the Liquidator. Up to that point, 132 partial payouts for a cumulative value of nearly US $7.6 million had been reported as fully executed.
On 24 October 2019, the Liquidator was asked to provide wire instructions to move the cash balances that were being held in the two subaccounts at this correspondent bank. The two subaccounts totaled approximately US $56 million. This balance remains the same as of the date of this release.
Subsequently, the Liquidator managed to secure a small custodial arrangement with strict terms and conditions through a foreign agent. This account can only be used to facilitate payments for operational expenses that result from the provision of services by lawyers, IT service providers and other vendors located outside of Belize. Also, this account can only receive inflows from the sale of a specific loan asset.
The Liquidator has yet to secure alternative arrangements to allow for the movement of the cash balances from the subaccounts at the correspondent bank. The Liquidator has been in negotiations with escrow agents, payment agents, e-money providers and even card partners as possible alternative solutions to this significant challenge. (Negotiations with banks have not progressed beyond introductions.) The Liquidator has been prudent and cautious during these negotiations so as to ensure that a safe and efficient payment channel is secured for all. Consequently, though the monies held by the Liquidator remain secure, payouts have been suspended.
Central Bank’s Standing Committee received a large number of Objections (Section 113 of the Domestic Banks and Financial Institutions Act.) after the Schedule of the Actions Proposed for the Winding-up of Choice Bank Limited was filed. Most of the Objections were from corporate clients who were part of a sophisticated card program named First Choice Pay (FCP Program) which was managed and operated by Choice and another card partner. The claims by these corporate clients were initially rejected pending verification. The Liquidator has since commissioned a full scale reconciliation project and all the claims from these corporate clients have now been determined. These claims will be accepted in full.
The second major task of the reconciliation project involves the determination of amounts not transferred by the card partner of the FCP Program to Choice vis-à-vis that card partner’s claim. The Liquidator intends to do its best to settle this claim soonest. The final list of claimants will be published immediately after.
The Choice Bank saga never ends
By Giovanni Caporaso Gottlieb, Panama’s Attorney at Law
The nightmare for the account holders of the Choice Bank of Belize, placed in forced liquidation by the Central Bank of Belize doesn’t appear to have an end in sight, once again showing the incompetence of the Central Bank and the Liquidator.
The matter has been badly managed since the beginning seeing that the bank was placed in liquidation with the cancellation of its license on June 29, 2018, without going through a controlled administration that allowed the authorities to take the actual pulse of the situation.
The current Liquidator is the third, seeing that on July 22, 2019 Mr. Kareem Michael, Sub-director of the Central Bank of Belize of Belize has replaced Mr. Cedric Flowers who, in turn, replaced henry Hasse, who quit just a few days after his nomination.
Now, the bank and the account holders’ money is completely in the hands of the Central Bank Gang commanded by the Governor Ambassador A. Joy Grant who is supported by the Prime Minister and the Minister of Finance, Mr. Dean Barrow. This Gang has been able to put 3 banks in liquidation during the last 3 years; now the Central Bank’s task really is to exercise control over the banks. Whose fault is it that 3 banks went “bad”? Or, were they bad and the Central Bank found the way to divide a few cakes?
A few facts:
- A balance from the bank was never published after it was put into liqudation, nor was a public auction of its assets ever held; nor has a list of who purchased the bank’s assets been published up to now.
- The names of the banks where the Liquidator keeps the money was never revealed.
- The account holders were never informed of the expenses of the liquidation operation and how much the Liquidator and his collaborators took from our money.
- They never informed us during the period of our claims that they couldn’t make payments in Euros, so many payments were mistakenly sent and are lost. Isn’t this incompetence om the part of a highly placed official of the Central Bank?
- A list of countries where they can’t send money was published, including European countries and others who have never been on the blacklist. Who invented this list and with what support?
Is it possible that a liquidator doesn’t know that Euros can’t be sent to an account in dollars?
Is it possible that a liquidator and the Central Bank don’t have contacts for opening an account for returning money from a liquidation?
Now they’re telling us, in the latest update from November 29, that: “Consequently, though the monies held by the Liquidator remain secure, payouts have been suspended.”.
In the following, I’m providing a few excerpts from my correspondence with the Liquidator and his responses. I asked the Liquidator if money can be withdrawn in cash and he replied: “I am surprised by your suggestion of cash payouts. I believe you above all of Choice's Claimants should be extremely familiar with Anti Money Laundering and Financing of Terrorism Regulations. I guess you do things differently where you are.”. Yes, we definitely do things differently, according to the norms, and a bank can write a check and there is even the option of collecting cash for it! Dear liquidator, the use of cash isn’t prohibited in any country, you just have to investigate its provenance and its destination, and if you still haven’t done it, I don’t understand what the Central Bank has been doing other than put stumbling blocks for depositors in a predicament.
This is how he responded to threats of being taken to court: “To your theory and your repeated statements and threats of court action, let me try to assist you. Recall that the former owners of Choice pursued this course. All the affidavits are available should you wish to look at them. I am sure you have contacts in Belize that can provide you with these.”. This sounds to me like don’t even try, our legal system is corrupt and they’re always going to lose anyway! And I believe them, this is why I haven’t mistakenly taken this path. I’m certain that, in Belize, where everyone is connected or are family, there is no way to be successful with a demand and that, without having exhausted all legal resources in Belize, you can’t turn to an international court, so that you are certain that they can appropriate the account holders’ money without consequences.
The Liquidator’s defense is insults: “I understand that you are in this for personal gain and really do not have the interest of the depositors at heart. To what end will you continue to spew this rhetoric and false claims”. The Liquidator obviously doesn’t remember that, in addition to representing several clients, I am personally an account holder and a claimant of the bank.
And then, finding himself without an argument, he reaches for justifications: “I have accumulated 56 million and have already begun the process of selling the remaining financial assets of Choice Bank that were severally impaired - toxic if you will. By the way, when you do get your hands on the affidavits, be sure to read that of the mutually agreed international expert and his conclusions that the bank was insolvent. Maybe your perception will change then.”
Mr. Liquidator, let me publicly ask you some new questions:
Why don’t you provide us with all these documents about which you are talking?
Why did you sell all the bank’s property without having a public auction?
Why haven’t you published an inventory and a balance?
Is this the transparency that you are flouting?
To finish, all you need to do is account holders look at the bottom of this article for the update published by the Liquidator and you will see what he has done since his nomination:
- He has achieved making the bank correspondent (which ensures that he earns well from transactions, when he has ended the relationship), And why did he do this?;
- He achieved suspending payouts;
- Ge hasn’t achieved recuperating payments mistakenly made and sent by bad information, in dollars to accounts in Euros;
- Subsequently, the Liquidator managed to secure a small custodial arrangement with strict terms and conditions through a foreign agent. This account can only be used to facilitate payments for operational expenses that result from the provision of services by lawyers, IT service providers and other vendors located outside of Belize.”.
Choice Bank liquidator has published on November 29 this update:
On 27 September 2019, Choice Bank Limited – In Liquidation (Choice) was informed by the correspondent bank of the 2 banks holding the accounts of the Liquidator that all partial payouts (to claimants) on behalf of the liquidation were being suspended subject to further review of the partial payouts that had been processed.
On 15 October 2019, the correspondent bank through which all transactions (payouts, payments for operational expenses and inflows from the marshalling and liquidation of assets) flowed, officially terminated its relationship with the Liquidator. Up to that point, 132 partial payouts for a cumulative value of nearly US $7.6 million had been reported as fully executed.
On 24 October 2019, the Liquidator was asked to provide wire instructions to move the cash balances that were being held in the two subaccounts at this correspondent bank. The two subaccounts totaled approximately US $56 million. This balance remains the same as of the date of this release.
Subsequently, the Liquidator managed to secure a small custodial arrangement with strict terms and conditions through a foreign agent. This account can only be used to facilitate payments for operational expenses that result from the provision of services by lawyers, IT service providers and other vendors located outside of Belize. Also, this account can only receive inflows from the sale of a specific loan asset.
The Liquidator has yet to secure alternative arrangements to allow for the movement of the cash balances from the subaccounts at the correspondent bank. The Liquidator has been in negotiations with escrow agents, payment agents, e-money providers and even card partners as possible alternative solutions to this significant challenge. (Negotiations with banks have not progressed beyond introductions.) The Liquidator has been prudent and cautious during these negotiations so as to ensure that a safe and efficient payment channel is secured for all. Consequently, though the monies held by the Liquidator remain secure, payouts have been suspended.
Central Bank’s Standing Committee received a large number of Objections (Section 113 of the Domestic Banks and Financial Institutions Act.) after the Schedule of the Actions Proposed for the Winding-up of Choice Bank Limited was filed. Most of the Objections were from corporate clients who were part of a sophisticated card program named First Choice Pay (FCP Program) which was managed and operated by Choice and another card partner. The claims by these corporate clients were initially rejected pending verification. The Liquidator has since commissioned a full scale reconciliation project and all the claims from these corporate clients have now been determined. These claims will be accepted in full.
The second major task of the reconciliation project involves the determination of amounts not transferred by the card partner of the FCP Program to Choice vis-à-vis that card partner’s claim. The Liquidator intends to do its best to settle this claim soonest. The final list of claimants will be published immediately after.
Nothing new about this. Giovanni Caporaso is a lawyer that worked on this case representing some account holders and he has money at Choice Bank too, he cant do anything . He has to wait like the rest of us.
It is a good news to see that there are more money there to be gethered...even we do not know how much they suppose to payout all together, as i see, all that extra money should be for second payment, which is good...higher percentage for us all. Lets hope they will also find a way to pay us also, before they spend it all for they "expences" haha
I got a payment today. Ukraine Fuck you and thank you, FCP
Fuck you and thank you, FCPCongrats, do you have the details of the wire transfer, the intermediary bank?I got a payment today. Ukraine
Hopefully the rest will get their money in the coming days.
I got a payment today. Ukraine
On what payment system can you tell please?
Central Bank of Belize changed the liquidator:
They are fucking joke with us ! Fucken shit ! I will never trust my savings to Belize offshore companies anymore and I don’t recommend anyone setting up offshore accounts in this fucking banana republic. The government is doing everything to delay time and appropriate our money, they are not responsible for words and they do not have money to pay bills and debts. Fuck Belize with their banks and offshore
have u got an email prior to it or phone call from the liquidator?I got a payment today. Ukraine
PS Happy for u
I got a payment today. Ukraine
Hi! I am happy for you! What payment method have you used to receive the wire ?
I am asked by the liquidator to provide US intermediary bank to provide me the payment.
Can you, or anybody from here , help me ? ?
As far as i know, nobody here can help you except your bank. Every bank has there own intermediatory banks, different ones for different curancy. It is strange that this data(intermediatory bank) was not on your payment info taken from your bank. Also it is maybe posible that you put some other non us bank from the bank list, and now liquidator is asking for us bank since transfer has to be made in usd.
I got the money too in my USD bank account but I didn't have to provide them the intermediary bank details lol, because I am receiving the money. And I don't think your bank can help you with that, because that is up to them, they are sending the money.Hi! I am happy for you! What payment method have you used to receive the wire ?
I am asked by the liquidator to provide US intermediary bank to provide me the payment.
Can you, or anybody from here , help me ? ?
I see! If i am not to indiscreet, what bank you used? A US bank or...? Maybe it sound no-sense, but it isn’t!
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