| For immediate release |
|
The Federal Reserve Board today announced the issuance of a consent Order against B.O.T. Corporation, N.V., Curacao, Netherlands Antilles. B.O.T. Corporation, without admitting to any allegations, consented to the issuance of the Order in connection with allegations of violations of the Bank Holding Company Act as a result of B.O.T. Corporation's indirect acquisition of a controlling interest in the Lippo Bank, Los Angeles, California, and in connection with a preliminary determination that B.O.T. Corporation exercises a controlling influence over the management or policies of the bank. The Order requires the divestiture of at least 98 percent of the voting shares of the Lippo Bank. The Order also requires B.O.T. Corporation to pay a civil money penalty of $300,000 and any profit from the sale of the bank. The issuance of the Order by the Board does not relate in any manner to the condition or activities of the Lippo Bank. A copy of the Order is attached.
|
| Order (211 KB PDF) |