Deltec is pleased to announce court approval to repay FTX loan following DIG’s request
By Deltec Bank & TrustPublished On April 12, 2023
12 April 2023
We would like to provide an update to our recent statement issued on the debt financing received by the parent company of Deltec Bank & Trust Limited (“Deltec Bank”), Deltec International Group (“DIG”), in October of 2021.
To reiterate, in the ordinary course of business, DIG seeks debt financing to fund its strategic growth initiatives. In October of 2021, DIG received a short-term loan for this purpose from Norton Hall Ltd., an entity affiliated with FTX.
Since December 2022, DIG has awaited clarity on which entity to repay the loan to, which has been unclear due to FTX’s poor recordkeeping. A motion was filed, at DIG’s request, to clarify the correct FTX entity for DIG to repay the full amount to. With the judge’s ruling, DIG will now move forward with repayment of the full amount.
Deltec Bank remains financially unaffected by the events regarding FTX and Alameda Research. The Bank continues to maintain a conservative balance sheet and conducts its business with an unwavering commitment to good corporate governance practices, regulatory compliance, and sound risk management.
We are pleased that DIG is able to finally bring closure to this matter.