Central Bank of Barbados shuts down offshore bank owned by Canadian Norshield

Date: Monday, July 25, 2005
Author: www.cbc.bb

The Central Bank of Barbados has shut down the operations of an offshore bank for failing to comply with the provisions of the International Financial Services Act.

The regulator seized management and control of Olympus Bank and Trust SCC, on July 19th.

Olympus Bank is owned by a hedge fund firm in Canada, Norshield Financial Group which is the subject of an investigation into US$130 million of client money which a court says was sent to an offshore business but cannot be tracked down.

Commenting on the Central Bank action, President of the Barbados International Business Association, Elliot Sachar says he was advised by the regulator of its intended action.

Mr. Sachar says he does not believe the action will affect Barbados' international reputation.