Published On: Mon, May 26th, 2014

Corallo’s companies are without banks

Atlantis casinoWILLEMSTAD - Atlantis World Management SA and two other companies where the casino magnate Francesco Corallo is pulling the strings, demanded Friday, in a lawsuit, that the Royal Bank of Canada (RBC), restores the banking relationship with these companies.

If not, the companies require the balances of all accounts, an estimated 8 to 9 million dollars, within 48 hours after the decision of the court. The verdict is on June 6.

The court ruled in October last year that RBC bank could terminate the banking relationship by March 16, 2013. The bank fears of reputational damage due to the continued negative news about Corallo, who also appears in the Babel investigation in Curacao.

Legal representatives for Corallo’s companies, Jeroen Veen and William Nelissen, argue that the negative publicity caused "by the Today and the Antilliaans Dagblad" and that their client has not been able to find another local bank in the past year.

As a result, the companies are forced to pay the salaries of 350 employees, tax payments and utility bills in cash. They pay monthly 250,000 dollars to the utility company and 130,000 dollars to the tax collector.

If companies cannot find another bank they have to close, the lawyers said, who also spoke about safety. They believe that the Minister of Finance or the Central Bank should intervene.

RBC's attorney Richard Gibson Jr. says that RBC is willing to talk about the practical settlement of accounts, but not to renew the banking relationship.

By Hilbert Haar

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