Nicaraguan bank sanctioned by US shuts down

Nicaraguan bank sanctioned by US shuts down

Friday, April 26, 2019

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MANAGUA, Nicaragua (AP) — A Nicaraguan bank close to the government has shut down after the United States imposed sanctions for alleged financial misdeeds on behalf of Venezuela's state-owned oil company.

Eduardo Holmann Chamorro, one of Bancorp's three directors, says that the country's Banks and Financial Institutions Superintendent had accepted the bank's request for a “voluntary dissolution”.

Holmann said late Wednesday that the bank would be shuttered and 106 employees would be out of work.

US national security adviser John Bolton announced new sanctions against the bank last week, calling it a “slush fund” for President Daniel Ortega. The US had already sanctioned it for its ties to Venezuela.

Bancorp was created in 2014 by Alba de Nicaragua (Albanisa) to handle the money of Nicaraguan companies created with Venezuelan funds.

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