BPA and VallBanc, under the same blanket of fraud!

Bank officials cause suspicions for delaying practices in giving back over one billion euro to the clients affected by the intervention of the bank.

Under the command of a new team of officials headed by Jaume Casals and Alexandre Saura, the Banco Privado de Andorra (BPA) has given a new face to the most scandalous fraud in the history of this small reign, which has now lost its privilege of an offshore jurisdiction and tax haven. The officials are insisting in adducing silly and unreasonable excuses and promoting delaying practices that are obstructing the recovery process for the clients.

VallBanc, the new entity born upon the BPA crisis, opened its doors last week under a terrible uncertainty with César Goyache at the front as the provisional president, and the first clients approach to the bank, has been to find out in person what transactions can be done during the first days of operation.

The foreclosure of BPA which has transferred the funds to VallBanc continues to disallow certain transactions, such as full accessibility of titles and funds, which has caused a lot of unease amongst the clients about the future of their investments.

The new delaying provisions of VallBanc, are that during the first month clients can only withdraw 15% of their total deposits with a maximum of 25 thousand euros. During the second, third and fourth month only 10% of the total deposits can be withdrawn, whilst in the fifth month it returns to 15%, and in the sixth, 20%.  After six months, clients will have been able to withdraw up to 80% of their capital and after the seventh month there will be no further limitations. Left to see if they will keep their word, since up till now the only thing proven to the clients has been lack of credibility.

The reaction of the former clients of BPA that have been transferred to VallBanc, has been only that of doubt and uncertainty, and the majority could possibly opt to progressively withdraw their funds, as the new entity is untrustworthy.

It’s worth mentioning that there is still one billion euro in accounts that have yet not been transferred to VallBanc, provoking serious doubts and suspicions of fraud of the new team of bank officials.

Various clients with investments in Mexico that have been affected by the freezing of their accounts, have revealed in interviews, that even after having provided all the evidentiary documentation requested and required by BPA – which shows for a proper and favourable tax history and without any irregularities -, are still to date not able to recover their funds due to failures and errors by the bank executives.

The blunders have been terrible, like something as banal as processing wrong data for the registered corporate accounts as per their own archives. And even if BPA has been demanding in terms of requesting for confidential information from the affected clients, it has been far from able to unlock the problem and negotiate for a quicker solution for their clients.

The truth is that every day there are more and more people joining the cause against BPA and the Andorran Government, who are demanding that the accusations against the discredited financial institution should not be imputed to the new clients.