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Venezuelan government seizes local Stanford bank -Forbes.com

02/21/09 14:25

Venezuela's government seized a bank owned by Texas financier Allen Stanford after depositors withdrew at least $25.6 million, fearing fraud charges against Stanford. The assets of the bank will be immediately put to sale while the government will assume the deposits still in the bank.

The takeover and the sale was approved by the bank's board of directors. More on this here at Forbes.com

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