Fibra Inn and Terrafina Mexicanas are ending their relationship with CIBanco following allegations against the bank
Breaking: Fibra Inn and Terrafina Ditch CIBanco over Alleged Money Laundering
In a shocking move, Mexican real estate investment trusts Fibra Inn and Terrafina have cut ties with CIBanco, effectively booting the bank as their trustee, following the U.S. Treasury Department's accusations of money laundering.
According to the U.S. Treasury, CIBanco, Intercam, and Vector Casa de Bolsa are a top concern in the realm of money laundering, linked to the trafficking of illicit opioids. Naturally, these financial institutions vehemently deny these allegations.
Without mincing words, Fibra Inn's technical committee, in a unanimous decision made during a meeting, declared that CIBanco, apart from being their trustee, manages their assets independently and is bound to use these assets only to fulfill the instructions provided by Fibra Inn.
Similarly, Terrafina, with a portfolio predominantly consisting of industrial properties, plans to seek shareholders' approval to approve the removal of CIBanco as their trustee. The company is proactively taking measures to address any potential risks that could arise due to the U.S. intervention or the administrative order imposed on the highlighted institutions.
With a recent surge in growth, Real Estate Investment Trusts (REITs) in Mexico have primarily focused on the acquisition, development, leasing, and management of industrial properties. The role of the trustee assumes paramount importance here, as they are responsible for the administration of the trust.
The financial landscape of these trusts could be drastically altered following this turn of events. Keep an eye out for further developments in this saga. Our website | Mexico | United States
Other Money Laundering News:
[1] U.S. Treasury Sanctions Mexican Bank CIBanco over Money Laundering Allegations[2] Fibra Inn and Terrafina Distance from CIBanco Amid Money Laundering Allegations[3] Mexican President Sheinbaum: No Evidence Supporting Money Laundering Claims against CIBanco[4] Intercam and Vector Casa de Bolsa also under U.S. Treasury Sanctions over Money Laundering Allegations
The financial industry is closely monitoring the news of Fibra Inn and Terrafina's separation from CIBanco due to money laundering allegations. This move could significantly impact the business and banking-and-insurance sector, especially since other financial institutions like Intercam and Vector Casa de Bolsa are also under U.S. Treasury sanctions for similar claims.
