Choice bank suing GOB

Choice Bank is suing the Minister of Finance, the Central Bank and the Attorney General of Belize. On June 29th , the bank’s license was revoked at the recommendation of Central Bank to the Minister of Finance. Central Bank also allegedly appointed Cedric Flowers as liquidator in place of Choice Bank’s Henry Hazel, reportedly without their knowledge. The bank is now suing on the grounds that that though it had presented a plan to deal with depositors, it was never revealed to them that a license would be revoked, nor was the recommendation for their closure disclosed. Choice Bank is of the belief that the actions made by the Central Bank and the Ministry of Finance are unjustified and unlawful, resulting in losses and damages, including to its reputation.  The claimants are seeking a declaration that the Central Bank acted in breach and that by revoking the license, the Minister of Finance acted in breach of his statutory duties. Additionally, the Bank is seeking a declaration that both the Minister and Central Bank failed to exercise their powers to promote the International Banking Acts and acted for ulterior or improper purposes. Choice Bank is also seeking a declaration that the decision was in breach of the bank’s right to a fair hearing and irrational in light of a repayment plan.

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