Ceiba unable to function after US order; board and management resign
Ceiba Investments Ltd on Tuesday announced further resignations from its board and management team, alongside the closure of its Havana office.
Following the US designation of Ceiba as a blocked person under Executive Order 14404 in July, the Guernsey-based investor in Cuban commercial and tourism real estate said it was "no longer able to carry out its functions".
The order allows the US Treasury and State departments to impose sanctions on foreign people and companies involved in specified activities linked to Cuba. These include those operating in the energy, defence, financial services and security sectors.
The designation has led banks, service providers and other business counterparties to terminate their relationships with Ceiba, the company said. Trading in its shares on the London Stock Exchange was also suspended.
Ceiba said it has since worked "diligently" to wind down its relationships with third parties following the designation. Trading in its shares remains suspended, while the International Stock Exchange cancelled the listing of its bonds.
On Tuesday, Ceiba announced the resignation of its chief executive officer, chief operating officer and chief financial officer. John Herring, the company's chair, also resigned.
Ceiba will close the Havana office of its wholly owned subsidiary, Ceiba Property Corporation Ltd.
The Guernsey Financial Services Commission has asked the Royal Court of Guernsey to appoint an administrator. The administrator would take control of Ceiba, preserve its assets and explore steps that could lead to the removal of the US designation.
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