30 more control days for Stanford

The US based Stanford bank was taken under administration by the Bank Superintendent, after its principal shareholder Alan Stanford, was arrested on fraud charges by US authorities. As a result its two branches in Panama were closed, its operations suspended and the deposit holders saw their accounts frozen overnight.

The case generated a lot of uncertainty among the general public and businesses, afraid of being caught in a similar type of situation in the future. The Bank Superintendent’s message was to be prudent and cautious about unfounded rumors.