Tuesday 15 June 2021

Honduras Forced Liquidation of Banco Continental

Jaime Rosenthal Oliva

CENTRAL AMERICA NEWS – It has been announced that deposits up to $ 92,000 (L200,000) per person will be returned, and then payments to employees, depositors and others, noting that “… there are sufficient resources to address them all.”

The cause is the inclusion of the institution in the list of the U.S Office of Foreign Assets Control, and the freezing of its assets abroad. Jaime Rosenthal Oliva, president of the Continental Group, had proposed the voluntary liquidation of the institution, which was not accepted by the National Banking and Insurance Commission of Honduras (CNBS).

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Last Wednesday the Treasury Department of the United States accused three Honduran businessmen belonging to the Rosenthal family of being part of a network that provides services of laundering money from drug trafficking, freezing all personal assets and those of related entities under the jurisdiction of the United States.

A statement issued by the US Treasury Department states that “… The OFAC action targets seven key Rosenthal businesses including their principal Panamanian holding company, Inversiones Continental (Panama), S.A. de C.V., known as Grupo Continental. Grupo Continental is the parent company of a conglomerate of businesses in Honduras involved in banking, financial services, real estate, agriculture, construction, tourism, and media.

Announced today along with Grupo Continental are its agricultural arm, Empacadora Continental S.A de C.V. (now known as Alimentos Continental), and two of its key financial components, Inversiones Continental, S.A. (a.k.a. Grupo Financiero Continental) and the Honduran bank, Banco Continental S.A., headquartered in San Pedro Sula, Honduras.

See original by the U.S. Department of the Treasury statement.

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Source: Centralamericandata.com

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