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Article: Fitch: Bermuda Commercial Bank's Board Change & First Curacao International Bank Investigation.
- Article from:
- Business Wire
- Article date:
- September 13, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- On Sept. 8, 2006, Bermuda Commercial Bank (BCB; short-term rating 'F1', Individual Rating 'B/C' by Fitch) announced that regulators in Curacao and the Netherlands are investigating BCB's major shareholder First Curacao International Bank (FCIB), for possible involvement in illegal money laundering activities and other related issues. As a result, BCB Chairman and CEO John Deuss, Chief Operating Officer Timothy Ulrich, and Director Tineke Deuss, who are also officers and/or directors of FCIB, have temporarily relinquished their responsibilities as Directors and Officers of BCB. BCB directors Dr. Clarence Terceira and John Sainsbury have stepped in to serve as ...