Miami bank accused of helping Venezuela’s socialist dictator evade U.S. sanctions

As we have said so often here, the only reason the leftist dictatorships in Venezuela and Cuba have survived for so many decades is because of the support of institutions operating in freedom. It’s despicable.

Via El American:

How a Miami Bank Allegedly Helped Venezuela’s Dictator Evade U.S. Sanctions

Eastern National Bank, a small bank in Miami, is alleged to have intentionally helped the regime of Nicolás Maduro to evade sanctions imposed by the Department of the Treasury, according to a lawsuit in a South Florida federal court in which minority shareholders of the bank decided to sue members of the board of directors.

Eastern National Bank has about $260 million in assets and four branches in South Florida, including Miami, Hialeah and Doral.

A report by El Nuevo Herald reveals “according to the plaintiffs, 99% of the bank’s shares belong to a company controlled by Nicolás Maduro’s regime. It is Mercorp, a Curaçao-registered company that belongs to Corpfin, a corporation intervened by the Venezuelan tyranny.

Among the defendants are Gabina Rodríguez, who chaired the bank’s board of directors after having been appointed as the controller of Corpfin, and also the directors and former directors of the bank: Louis Ferreira, César Gómez, Keith Parker, Carlos Rodríguez and Gustavo Macías.

“Rodriguez is an agent of the sanctioned Maduro regime in Venezuela, and as long as he remains in complete control of ENB, the Maduro regime will have access to the U.S. financial system, allowing Maduro to evade OFAC sanctions,” states the lawsuit filed by the bank’s minority shareholders.

El Nuevo Herald reports that “the minority shareholders allege that Eastern’s directors have breached their fiduciary duties, causing damage to the bank and harming the institution’s shareholder value.”

The plaintiffs claim that Eastern helped the regime maintain access to the international financial system after “all american banks” closed their correspondent banking relationship with Banco de Venezuela by opening and maintaining such an account with the state-owned bank.

Although the lawsuit is in court, the bank denied having been under the control of Nicolás Maduro’s regime.

Continue reading (in Spanish) HERE.

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