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REVOCATION OF LICENCE - LOYAL BANK LIMITED

Discussion in 'Offshore Bank Accounts' started by Internationaloff, Aug 10, 2018.

  1. Internationaloff

    Internationaloff Corporate Services Business Angel

    A Notice of Revocation has been issued to Loyal Bank Limited, effective 7th August, 2018 pursuant to section 21 (2) (a) of the International Banks Act. Winding up proceedings have commenced against Loyal Bank Limited and the Financial Services Authority will provide further updates which will include the details of the Liquidator to whom all claims against the bank are to be made.
     
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  2. auric

    auric Offshore Agent Mentor Group Business Angel

    Great another went the belly button up! doh948""
     
  3. Internationaloff

    Internationaloff Corporate Services Business Angel

    Unfortunately, it was inevitable.
     
  4. joelb

    joelb International Pirate ;-D BANNED MEMBER

    Why was it inevitable?
     
  5. MrTony

    MrTony Member Entrepreneur

    Only one question - who will be the next?
     
  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    The Finanical Services Authority - St. Vincent & the Grenadines

    FIFA scandal, plus many other money laundering scandals couldn't kill this bank. Well finally its been put out of its misery. That bank was like a mummy in a horror film that would not die. ns2


    -------------
    Dear Clients,

    We would like to inform you that following the issuance of a Cease and Desist Order earlier last week, the Financial Services Authority of Saint Vincent and the Grenadines revoked the Bank's licence as of 8th of August, 2018, and decided to start the legal process of appointing a liquidator to take over the Bank's assets.

    We will keep you updated about the proceedings as soon as further information will be available to us.


    Best Regards,

    LOYAL BANK LIMITED
    -------------
     
  7. Martin Everson

    Martin Everson Offshore Consultant Business Angel

  8. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    I give you one guess. ;)
     
  9. MrTony

    MrTony Member Entrepreneur

    Bring it on, Mr. Everson)
     
  10. sglion

    sglion New Member

    So Caribbean banks are not having a great 2018...wow
     
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  11. Admin

    Admin Forum Moderator The Forum Cleaner

    Seems they all will end the same place. Either their license is taken or they have to comply to strict US / EU laws even they are located outside of both territories.