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Sunday, November 18 2018 @ 04:08 AM UTC

British American Also Transferred Deposits to Trinidad & Tobago

InsuranceThe British American insurance company (BA) not only pulled the bonds that were supposed to backup the money being paid by Panamanians from the country, but also a part of their deposits and other investments as well. The report from the auditor appointed by the Panamanian Superintendent of Insurance in October 2009, revealed that among the funds they have not been able to recover is a deposit of $715,820 dollars, now in the hands of a company called Caribbean Money Market, a subsidiary of BA Trinidad and Tobago. In addition, British American transferred investments in company shares and other bonds worth $1.9 million dollars to Wachovia Bank, an entity that was acquired by Wells Fargo. However, these resources are not available because the authorized signatures in order to transfer the fund back to Panama are those of the British American directors in Trinidad and Tobago. To these missing amounts are added the $7.5 million dollars in bonds from the Government of Panama that the insurance company transferred in 2007 to their parent and that they pledged to third parties, even though some of the reserves were committed in Panama. The auditing company Ciro Cano made it clear in its report, that it was a misleading figure on the part of the insurance company that for three years, included these amounts in its financial statements as assets available to the Panamanian operation. (La Prensa)
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