NASSAU, BAHAMAS — Bahamian financial institution Deltec Bank & Trust has slammed global payments provider Ibanera for making “baseless, out-of-court threats” as tensions rise in a legal dispute over more than $20 million that Deltec claims is being wrongfully withheld.
Deltec alleges that Ibanera—a licensed money transmitter it engaged to process transactions in jurisdictions where it lacked direct access—has unlawfully retained the funds since January 2025. The Bahamian bank filed suit in U.S. federal court against Ibanera, its affiliates, and its principal, Michael Carbonara, seeking immediate release of the funds and at least $33 million in damages tied to disrupted operations, overdrawn accounts, and business interference.
In a formal statement provided to the media, Deltec said: “Deltec Bank has alleged that Ibanera is wrongfully withholding over $20 million dollars from Deltec Bank, and Deltec Bank initiated legal action to recover funds that rightfully belong to the Bank. In response, rather than engaging substantively with the merits of this case, Ibanera has levied baseless, out-of-court threats in an effort to damage Deltec Bank’s reputation and distract from the matter at hand. To be clear, Ibanera has not brought any claims or lawsuits against Deltec Bank.”
The dispute follows Deltec’s reliance on Ibanera for cross-border transaction support under a July 2024 agreement that the bank says established fiduciary duties and trust obligations. Despite multiple requests—including a formal demand from legal counsel—Ibanera allegedly failed to transfer the funds, later citing an internal audit and regulatory scrutiny in Singapore.
