Luxembourg’s financial watchdog, the CSSF, said it had initiated the necessary procedures and filed a request for suspension of payments with the State District Court.
The Banque Havilland S.A is a wholly owned subsidiary of the Havilland Group and currently has two branches in Monaco and Liechtenstein. It is still able to appeal the decision.
The bank recently made headlines due to dubious management and concerning business relationships. It currently employs around 130 people in Luxembourg.
