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Castillo Bozo Brothers: The Caribbean Redenomination of Grupo Banvalor

After making friends with chavista and opposition politicians, the brothers Leopoldo and Andrés Castillo Bozo were charged in 2009 by the Venezuelan Prosecutor for the crime of identity theft to buy public debt bonds. The Panama Papers revealed that at the time, the owners of Grupo Banvalor had three companies in the Virgin Islands, in addition to 22 more companies distributed in the United States of America, Aruba, the Dominican Republic, and Panama. Never had a flight been so well secured.

06/04/2016 10:34:26

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On March 4, a brief statement was sent to the customers of BBA Bank N.V. in Aruba. The owners reported that they had made the decision to liquidate the entity by July 15. "The bank faced several challenges in the environment of the international financial community that blocked its growth. Other personal issues also played a role in the voluntary decision to suspend the bank's operations." They promised to return the customers, mostly Venezuelan, the money deposited before closing.

The event shook the island because, in addition, the US government denied a visa to one of the owners of the bank for alleged activities related to terrorism, according to the Venezuelan journalist based in Miami, Casto Ocando.