Profitability with eternal BPA crisis

“Although most of the clients who claim their funds have already regularized their situation, the Government keeps giving them long”

Four years trapped in a nightmare that seems to have no end, thousands of clients of the Banca Privada d’Andorra (BPA) continue to be scorned and humiliated by the bankers and the Andorran government, unable to touch their funds, which were already demonstrated being legitimate. While investigations into alleged money laundering practices, which prompted the government presided by Antoni Martí to intervene the bank on March 10, 2015, are bogged down at their convenience.

Both the Andorran executive and the bank of the Pyrenean country continue to deceive public opinion by ensuring that deposits have been returned through Vall Banc, the entity that the JC Flowers vulture fund bought. A version that has been denied by the same affected clients, which still cannot recover their savings and the wait is getting too long.

According to Andorran financial sources, the value of frozen assets is almost 500 million and could be worth 700 million today, which has ended up being a shameful advantage for the new owner of Vall Banc, the JC Flowers fund. For its part, the State Agency for Banking Institutions (AREB), headed by Albert Hinojosa Besolí, which has also benefited from the blocked funds, justifies this plot, by ensuring that it is still awaiting a decision by the Swiss Justice to claim that money.

It is said that there are another billion euros that are still blocked in the old BPA and that have not been able to pass the migration to Vall Banc. And although most of the clients who claim their funds, have already regularized their situation, it has not helped them at all.

It is known that the vulture fund has only paid the AERB 3.8 million for the Andorran bank, that is, the financial crisis profitably benefited the new owner of Vall Banc, but infamously buried the assets of thousands of clients and investors who are now regretful of having entrusted their values to the already evicted Andorran banking.

In the Principality, they try in vain to show that the BPA crisis is already overcome, but the truth is that there is no will to resolve it by the government of Antoni Martí, who from the beginning was subjected to the American power to national shame.

And once again it has failed to meet the deadlines initially set to resolve this conflict that had to have occurred at the end of last January. EnricAnglada, who replaced JosepMaríaPijuan, will be the new magistrate who will preside over the Court of Corts that will judge the macro cause of the BPA case and for which a long trial is foreseen. Both the Public Prosecutor’s Office and the Andorran government will have to deploy their full range of evidence on the alleged criminal offenses that would have been committed by the directors and employees of the defunct bank.

On their part, the defense lawyers have already stated that BPA’s performance was not different from that of the rest of the banking entities of the Principality – a bank that was supervised and supervised at all times by the country’s financial and banking controlling body, the INAF, headed by Ramón Lopez.