Notice of Seizure of Management and Control Under Section 59 of the Financial Institutions Act, CAP. 324A

TAKE NOTICE that the Central Bank of Barbados (“the Bank”), in exercise of its powers under section 59 of the Financial Institutions Act, Cap. 324A (“the FIA”), and having notified the Minister of Finance, has seized the management and control of Zeemoney (Barbados) Limited (“Zeemoney”) with effect from the date of issuance of this Notice.

Grounds

This action is taken on the following grounds:

1. To protect the creditors of Zeemoney;
2. It is unlikely that Zeemoney can meet its financial obligations; and
3. Zeemoney has not maintained high standards of financial probity or is not following sound business practices.

Effect of this Notice

With effect from the date of this Notice:

1. The powers of the directors, officers, and management of Zeemoney to manage or deal with the business, affairs, or assets of the Company are suspended, and those functions are vested in the Bank and in the persons authorised by the Bank for that purpose.
2. No director, officer, employee, or agent of Zeemoney shall exercise any power, enter into any transaction, dispose of or deal with any asset, make any payment, or access any system or record of the Company, except as expressly authorised in writing by the Bank or its authorised persons.

The suspension of Zeemoney’s licensed business, including all money or value transmission services, remains in full effect. The Bank intends to apply to the High Court for the compulsory winding-up of Zeemoney.

Customers and Creditors

Customers and other persons with claims against Zeemoney should retain all records relating to their accounts, transactions or claims. The Bank will provide further information on the process for verifying balances and submitting claims as the resolution process progresses. No person should make any new payment to Zeemoney or act on any payment or refund instruction unless expressly authorised by the Central Bank of Barbados.

Queries

All queries concerning this Notice should be submitted by email to enforcement@centralbank.org.bb.

Dated this 17th day of August, 2026.

Central Bank of Barbados