Data Bank shuts down office due to attacks and threats

Investment and fund management firm Databank has announced the closure of its offices effective Thursday, December 22, and to work remotely following attacks and threats on its staff.

A statement issued Wednesday by the company said it has not been spared the liquidity challenges that have beset the fund management industry owing to the ‘macro-economic crisis’ facing the country.

The situation has negatively impacted its ability to honour withdrawal requests as expected, however, while some clients have cooperated with the company, “there are several clients who have felt the need to abuse our staff physically and verbally, and also threaten their lives as well as their families.”

Databank said in the circumstance, it has “no choice but to move to a work-from-home option” and that while its offices will be physically closed, “we will continue to serve you and process transactions remotely, and all our digital channels will remain open just as we did during Covid. However, we cannot endanger the lives of staff by opening the office without any available liquidity.

“We are fully aware the current crisis in our industry is very concerning, and we continue to ask for your patience during these difficult times. We are very hopeful the Financial Stability Fund or any other Fund that the Government may provide in the interim will provide much-needed relief for you and other investors.

“We will provide another update once we have a clearer view of the situation.”