Fibra Inn appoints Actinver as a replacement trustee, shifting from CIBanco; the company will implement protective measures to uphold the interests of its shareholders' investment.
In a significant move aimed at enhancing regulatory compliance and investor trust, Mexican real estate investment trust (FIBRA) Fibra Inn has appointed Banco Actinver as its substitute trustee, replacing CIBanco. This change comes in the wake of concerns surrounding CIBanco's alleged involvement in money laundering activities.
Based in Mexico, Fibra Inn is a leading FIBRA focused on hotel properties. The trustee, such as CIBanco, plays a crucial role in managing the assets and securities of Fibra Inn and its investors, ensuring the safety of investments, adherence to regulations, and maintaining transparency.
The scrutiny on CIBanco began due to reports suggesting that certain transactions facilitated by the bank were potentially used to obscure illicit funds, though details may be confidential or under legal review. The bank's reputation and regulatory standing were negatively affected as a result.
Given the critical nature of trust and regulatory compliance in financial dealings, Fibra Inn's management decided to replace CIBanco with Banco Actinver to maintain investor confidence, ensure regulatory compliance, and distance themselves from any potential reputational or legal risks associated with CIBanco.
Banco Actinver, a reputable financial institution with stringent anti-money laundering (AML) controls, will assume its functions once CIBanco's duties are completed. This appointment reflects Fibra Inn's intent to reinforce governance standards and reassure stakeholders of the fiduciary integrity of its operations.
It is important to note that the fines imposed on Intercam, CIBanco, and Vector by the National Banking and Securities Commission (CNBV) are not related to money laundering. These fines were only updated, not new. The decision to appoint Banco Actinver as substitute trustee for Fibra Inn does not involve any intervention by the SHCP regarding CIBanco.
The procedure began on June 26, in accordance with the nineteenth clause of Fibra Inn's trust agreement and related clauses. Fibra Inn will coordinate the removal of CIBanco as trustee and will continue to take necessary measures to protect the interests of its holders and keep its business running.
Meanwhile, the U.S. government has accused CIBanco of money laundering for criminal organizations, allegations that the bank denies. Despite this, the decision does not involve any intervention by the CNBV regarding CIBanco, Intercam, or Vector. Fibra Inn will continue to monitor developments closely and take appropriate actions as necessary.
Fibra Inn, a leading Mexican business focused on hotel properties, has appointed Banco Actinver, known for its robust anti-money laundering controls, as its substitute trustee, a move aimed at enhancing regulatory compliance, investor trust, and addressing banking-and-insurance sector concerns. In light of the ongoing investigations into CIBanco's involvement in money laundering activities, this change will also distance Fibra Inn from any potential reputational or legal risks associated with the former trustee.
