بروزرسانی: 24 خرداد 1404
Investors Strive to Revive Migom Bank Amid Management Turmoil
Even thoughit will likely result in Austrian courts’ involvement, there is a fair chancefor the procedure to move forward without extensive litigation. Despite thepersistent obstruction by Schaetti, the new investors are determined tocomplete the takeover and reform the bank. The Dominica financial regulators haveexpressed their full support of the proposed reforms andrecapitalization.
This December is the anniversary of Migom Banklosing its network of correspondent banks, its ill-fated investment in BalticInternational Bank following a raid by Latvian authorities, and since themanagement of the bank effectively stopped communicating with theirclients.
A couple of months ago, reports surfaced that agroup of investors, including the founders of the bank, had made an earnest bidto retake control of the bank’s holding company, recapitalize the bank, andresume its operations. Representatives of these investors have shared what theyknow about the current state of that transaction.
De jure, it appears that bank president ThomasSchaetti has already been ousted as the controlling shareholder of the Austrianholding company, which dictates the management, policies, and proceduresdownstream to the American holding company, which ultimately controls the bank.
Reports indicate heis delaying the requisite recordings in the Austrian Commercial Register,withholding transfer of the information required to access the bank’s accounts,and effectively ceasing communication with the bank’s regulators in Dominica.Furthermore, it appears that Schaetti had even made an attempt to disband thestaff of the bank in Dominica and close its offices there.
His reasons for these reported blockages remain amystery. Is it because of the impending audit by the new investors andresumption of reporting to the US SEC, which Shaetti had stopped since thefourth quarter of 2022? Is that because December is around the time when thebank’s license is supposed to expire and be renewed by the Dominica’s financialregulators? It is unclear who ultimately benefits from the bank failing toreport its financials. Whomever it may be, it is likely the same people whowould benefit from the bank finally losing its license and fading into a sea oflawsuits and investigations.
Luckily for the new investors and clients of thebank, Austrian law appears to have provisions giving the incoming shareholdersthe necessary tools to complete the transfer of shares regardless.
Many are rooting for the resumed success of MigomBank, especially clients who have yet to access their accounts. Time will tellif the bank can manage their ‘phoenix moment,’ but with the reported impendingend of the crypto winter, clients needing a neobank will be many. Migom mayonce again become the success story it had been.
منبع: https://www.financemagnates.com//thought-leadership/investors-strive-to-revive-migom-bank-amid-management-turmoil/
Schaetti’s ejection happened sometime in November and should have started thecontemplated reforms of the bank, including resumed operations. The incominginvestors have been prepared to deploy their own assets in Migom Bank, ensureseamless customer service, and resume the bank’s licensed cryptooperations.
De facto, Schaetti still seems to be in control ofthe holding companies and the bank itself, and has been obstructing thecompletion of the share transfers to the bank’s new owners.
Schaetti’s ejection happened sometime in November and should have started thecontemplated reforms of the bank, including resumed operations. The incominginvestors have been prepared to deploy their own assets in Migom Bank, ensureseamless customer service, and resume the bank’s licensed cryptooperations.
De facto, Schaetti still seems to be in control ofthe holding companies and the bank itself, and has been obstructing thecompletion of the share transfers to the bank’s new owners.
A lot has been written about the neobank’s fallfrom grace, so why is there still interest in the saga of this once promisingnew financial institution? Despite the relatively high level of attention this story received, the conclusion has yet toarrive. In fact, Migom appears to be resurrecting itself.
A lot has been written about the neobank’s fallfrom grace, so why is there still interest in the saga of this once promisingnew financial institution? Despite the relatively high level of attention this story received, the conclusion has yet toarrive. In fact, Migom appears to be resurrecting itself.
A couple of months ago, reports surfaced that agroup of investors, including the founders of the bank, had made an earnest bidto retake control of the bank’s holding company, recapitalize the bank, andresume its operations. Representatives of these investors have shared what theyknow about the current state of that transaction.
De jure, it appears that bank president ThomasSchaetti has already been ousted as the controlling shareholder of the Austrianholding company, which dictates the management, policies, and proceduresdownstream to the American holding company, which ultimately controls the bank.
Many are rooting for the resumed success of MigomBank, especially clients who have yet to access their accounts. Time will tellif the bank can manage their ‘phoenix moment,’ but with the reported impendingend of the crypto winter, clients needing a neobank will be many. Migom mayonce again become the success story it had been.
His reasons for these reported blockages remain amystery. Is it because of the impending audit by the new investors andresumption of reporting to the US SEC, which Shaetti had stopped since thefourth quarter of 2022? Is that because December is around the time when thebank’s license is supposed to expire and be renewed by the Dominica’s financialregulators? It is unclear who ultimately benefits from the bank failing toreport its financials. Whomever it may be, it is likely the same people whowould benefit from the bank finally losing its license and fading into a sea oflawsuits and investigations.
Luckily for the new investors and clients of thebank, Austrian law appears to have provisions giving the incoming shareholdersthe necessary tools to complete the transfer of shares regardless.
نویسنده: تیم تحریریه رضا خانتاراج