Mexico City (Reuters) .- Investment trusts in real estate Fiber and Terrafina took a distance from Cibanco, disconnecting it as its fiducidary, after the accusation of the United States Treasury Department against the Bank for alleged money laundering.
The American treasure on Wednesday prohibited certain transfers to Cibanco, Intercam and Vector Casa de Bolsa, after identifying them as “a main concern in money laundering in relation to illicit opioid traffic”, something that the three denied. On Thursday the financial regulator of Mexico intervened the three financial institutions.
Inn fiber, focused on the acquisition and development of hotels, said his technical advice decided to remove the lender as his trustee; A measure that was taken unanimously from the members of the Technical Committee in a session held on Thursday.
LEE: Intervention to Cibanco, Interm and Vector, to avoid any interruption to the banking system: SHCP
In addition, he clarified that Cibanco manages the heritage of the trust separately from its own heritage and can only have it to fulfill the purposes that Fiber inn instruct.
Terrafina will seek Cibanco’s departure as a fiduciary
Terrafina, with a portfolio focused on industrial buildings, said it will seek the approval of its shareholders so that they also approve Cibanco’s departure as a trustee.
The company also announced that it is taking measures to “address any potential risk that the administrative order or intervention can represent for its investors, customers and other interested parties.”
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Rooting investment trusts, known as fibers, have had a strong development in recent years in Mexico, with a portfolio that includes above all to acquire, develop, lease and manage industrial properties.
The role of the trustee is key since the administration of the trust is carried out.
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