Following imposed sanctions to Venezuelan and Nicaraguan entities, economy sectors and specific persons, the Joint Venture Bancorp (owned by Petrolios de Venezuela and its Nicaraguan equivalent Petroleos de Nicaragua) has requested permission of the local authorities to enter into voluntary dissolution.
The general Manager Mr. Luis Bacenes, sent a communication to the government on April 22nd 2019 informing the regulator that under current sanctions the bank could not continue its activities and to request the authorisation to cease all business activities as soon as possible.
This comes after the Nicaraguan parliament decided in March to acquire the Venezuelan stake in the institution for $23 Million, transaction that has not yet been completed.
The US sanctions are part of a more extensive set of measures aiming to cut ties between Nicaragua and Venezuela and targeting Nicaraguan officials including the president Mr. Daniel Ortega and his family.
US national security advisor John Bolton has called for further measures against the “corrupt regime” after having imposed sanctions on Mrs. Rosario Murillo (first lady) and the son of the president Mr. Laureano Ortega and some other individuals and institutions close to the government.
