Thursday, February 26, 2009

Banking: Venezuela moves against Stanford

A Venezuelan court has ordered the freezing of the personal accounts and assets of eight executives working in the Venezuelan branch of Stanford International Bank, which is facing fraud charges in the United States, the General Prosecutor's Office said on Wednesday.

The executives had earlier been banned from going abroad.

The Economy and Finance Minister, Ali Rodriguez, said he expects to auction the bank's assets in Venezuela within 15 days.

Stanford entered the Latin American country in 2002, and now holds 0.2 percent of Venezuela's public deposits, with 15 branches.
Published by Mike Hitchen, Mike Hitchen Consulting
Putting principles before profits