Published On: Sat, Sep 7th, 2019

Emergency measure for Banco del Orinoco N.V. imposed at the request of the CBCS – UPDATE

CBCS Central Bank Head Offce in St. Maarten

WILLEMSTAD, PHILIPSBURG — The Centrale Bank van Curaçao en Sint Maarten (CBCS) was forced, in view of deficiencies at Banco del Orinoco N.V., to petition the Court of First Instance of Curaçao to adopt an emergency measure with respect to Banco Del Orinoco. The petition was made in the interest of depositors and other creditors of Banco Del Orinoco.

The emergency measure for Banco Del Orinoco was pronounced by the Court of First Instance of Curaçao on September 5, 2019. As a result of the emergency measure, Banco Del Orinoco cannot be forced to satisfy its debts. Any pending enforcement measures are suspended and attachments are lifted. On Thursday, September 5, 2019, at 3:30pm in the afternoon, the CBCS was to hold a press conference to inform the public, depositors and other creditors.

Banco del Orinoco N.V.

The CBCS is responsible for supervising the financial sector in Curaçao and Sint Maarten. In doing so, it focuses on the interests of the present and future creditors of the institutions under its supervision. The CBCS sees to it that the supervised institutions deal responsibly with the resources entrusted to them and that they comply with applicable laws and regulations.
UPDATE per Saturday, September 7, 2019

Banco del Orinoco N.V. Emergency Measure; clarification

Willemstad/Philipsburg – Following the press release of September 6, 2019, regarding the pronunciation of the Emergency Measure of Banco del Orinoco N.V. (press release 2019-036), the Centrale Bank van Curaçao en Sint Maarten wants to clarify the following:

Several media outlets reported a decision by the shareholders to dissolve Banco del Orinoco. However, such a decision does not affect in any way the emergency measure and the implementation thereof as described in the press release of September 6, 2019.