BREAKING: PM Browne accuses ECAB directors of sabotage

35

Support Antigua Newsroom from as little as $5 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

35 COMMENTS

  1. Them right not to convert the government’s preferred shares to common. What do you want, to control the bank so you can tell them what to do and who to lend money to? If they were to convert, they should deduct what the government owes them and then pay out any difference to the government.
    Governments should never own no common voting bank shares. You think you can bully everybody money hawk?

  2. I think the PM is right on this one. The so-called “Directors” better pay attention. Many people displeased with the way they run the whole operation….Red and Blue.

  3. Let me just put it out there. The PM blames anyone who opposes him. Gaston, there is a difference between “opposing” and “opposition” as in different party. Everybody that don’t agree with you is not opposition, they are just not agreeing or bowing down to you. Don’t be an idiot.

  4. The directors are right. We don’t want the government owning the majority of ECAB or any other bank. It will end up like Social Security. Completely broke and bankrupt. The government cannot run a dolly house much less a bank. The government will vote in new lackey directors and the bank will suddenly start giving the government all kinds of bad loans every two minutes which are not recoverable. Please leave the bank alone. It is doing okay now and we don’t need Gaston turning it into his personal piggy bank.

  5. Why does Gaston have to publicly insult anyone who does not immediately do what he wants them to do? Calling them “jokers”? Really? These are highly qualified and respected people and you feel you can just throw insults at them over the radio because they may not agree with your desires? Only BULLIES do that. You need to go.

  6. Glad to know is not the government controlling the ECAB Board in their negligence and failure to respond to the urgency of the times. The indigenous banks are going to be the downfall of our economy by their slow and bad minded attitude to business. ECAB are the left back arrogant Stanford employees who think they are still most favored persons, and a Manager who does not know he is in charge.

  7. LOL OH My Lord. The PM just described the government process in Antigua. Sounds like the Tender Board. This one is funny to me

  8. Hon. Gaston Browne is one the best money MANAGERS in the CARIBBEAN. Also , He is very QUALIFIED in Finance. Most of you talking DO NOT know what it takes to run a Country. Hon.Gaston Browne suggestion to the Directors are quite in order. The Directors are playing POLITICAL games. It is time to get rid of those DIRECTORS.They are SABOTAGING Progress.

    • This comment is a perfect example of the problem with government and their minions (such as Gord) owning a private sector bank. When the banking professionals do not pander to government dictates as it is not in the best interests of the bank, the government and its minions (Gord) want to fire the bank directors and management for not immediately complying with government dictates. Government should stay out of private banks in the same way there is a separation of Church and State. Not a good mix.

    • @Gord
      “Hon. Gaston Browne is one the best money MANAGERS in the CARIBBEAN. Also , He is very QUALIFIED in Finance.”
      Says who? You? Have you seen which schools he went to be qualified? If you have, please say, because no matter how I try to find that, no go. Looks like the schools have gone off the radar.
      We all know where Harold Lovell went to school and his credentials from those schools about him. No way tarl we could find Gaston Browne’s credentials. And it looks like this is one of the questions no one would ask him when he goes into his Saturday loony bin.
      A challenge to Colin, Lamin. I dare you to ask your idol about his tertiary schooling and which schools he went to. I dare, no I double dare you. Lovell never said he was qualified in finance. He just said that he was using the best minds trained and available to Antigua to help him run the country’s finances. And they did a pretty good job.
      Your boy, the Top Darg, is claiming he is qualified in finance. He is talking about as a loans officer? That makes him qualified in finance? Give me a break. This is a so call finance officer who could only call rounded off figures – 5m, 40m, 120m, etc. His figures never have hundreds of thousands or thousands. Only guessing all the way. Give me a break.

  9. I can agree with the incompetence of ECAB. Experience there was and is horrible.

    I do not know specifically what the Prime Minister’s problems with them are but I can say base on my experience, why on earth the folks that are managers and directors there are managers and directors there.

    I am referring at least to the scotia bank part of ECAB. Horrible.

    • You should first determine the Prime Minister’s problems with the bank before you comment. The prime minister is a bully and thinks that every body is like his Cabinet, do as you are told. Banks should be independent to look after the people’s money entrusted to them and not do what Gaston wants. What is he going to do, shut them down?

  10. If Gaston gets his way and the government gets majority shares in the bank, Gaston will be able to appoint majority directors of the bank and we will get only ALP clown directors who wake up every morning and go to sleep every night praying to Lord God Gaston to look favourably upon them and to grant them their every wish in return for them doing his bidding in the bank. ECAB needs to remain stable, not become a government emergency funding source.

  11. The government already owns the highest amount of common shares (60K).The breakdown can be found online in the 2019 financial statement. There is no other entity that has the same amount or more common shares than the government of A&B. The push for the conversion of preference shares, as argued by the PM has less to do about control but more about enuring that the public benefits (non tax revenue) from ECAB’s growth. Even if goverment share ownership gave it a controlling say, regulations limits how much moneys, an entity, could borrow from the bank. Banks, in general, tend to rush to try to get and keep government as a client. The regional government secuities market is so oversubssscribed with confident buyers, that yields are now much lower than they were ten years ago (A&B DEc 10 auction got 15 million at 3 percent )

    • Your response is somewhat confusing as I don’t understand your point. Is Gaston still a banker or head of government? If he wants to tell the bank how to manage its affairs, he should quit government and go and run the bank. It is dangerous to have someone with Gaston’s mentality controlling any bank. He should be forced to sell the shares to bring the holdings down to ten percent. No individual or government should control any bank. The people’s deposits should be protected.

      • DC have you had your eyes checked? I stated:
        “The push for the conversion of preference shares, as argued by the PM has less to do about control but more about enuring that the public benefits (non tax revenue) from ECAB’s growth”

        Let me state again: Government already is the larget share holder. They also hold preferenace shares (100K) which ECAB’S financial statements declare are convertible to common. The A&B government wants them converted so they can get a bigger peice of ECAB profits due to growth.

        Where do you get the notion that government should not own a bank? Here is a short list of government owned banks:
        NatWest Group – UK
        Bank of North Dakota – US
        Export–Import Bank of the United States
        Puerto Rico Government Development Bank
        DnB NOR – Norway
        Cassa Depositi e Prestiti
        BancoPosta
        Banca Monte dei Paschi di Siena

      • DC there are 240K issued common stock (voting), the GOAB owns 60K (the highest of any entity)
        There is also 100K in preference shares (non voting) all owned by GOAB.

        When converted (pre shares) at 1 – 1, it wil mean A&B now has 160K of the 340K common stock, hence about 47 percent. The issue for the government is ensuring they (WE) get more of ECAB profits. ECAB is a financiall entity hence subjected to regulations hence it must folllow strict guidelines from Central Bank (a share holder cannot force it to take unsound action).

        • The Preferred shares can’t vote so the government owns 25% of voting shares. It should stay that way. The government should own even less. So Gaston wants the government to own almost 50% of the bank, why? So can control people’s money? Yesterday on his radio show he is cussing the management of the bank and calling them UPP supporters. What does he want, to put Labour supporters there so he can do as he likes? Why doesn’t this man respect people even thought he may disagree with their business decisions? I tell you why, he is a bully and thinks every one should bow down to him.

        • Tenman, how much does the government owe ECAB and what is the value of the preferred shares? I am sure when you do the math, you will find that the government has very little equity in the PF shares.

          • Huh? You pratling now. Pg 113 of their 2019 financial statement makes clear preerence share are clasified as equity. This and the 2020 statement also show ECAB paying government some 1.6 million yearly in dividens just for the 100K in preference shares, each carrying a par value of almost 500.00 ec (479.69). Brethen why allow your hatred for ALP to blind you? The share holders agreement make clear the preference shares are convertible to common stock (stated in ecab financial statements online). Governments debt to ECAB (can be found in the budget estimates online ) has nothing to do with this issue.

    • Reference:The destruction and collapse of a home grown and bankrupt bank ABIB: the takeover of assets by the Labor Party Government of SWISS America Bank; The Antigua and Barbuda Development Bank. I say no more.

      The integrity of a Nation’s banking and financial system. Is instrumental to its reputation.

      • @Freetownson – Not sure what ignoarnce you are chatting, Swiss American became Global Bank of Commerce, Ltd. Its still in operation

  12. But you sabotage government workers also when they did not agree with your mandate and refused to take the vaccine. Give me a break. So every time you don’t get your way, you have to “throw a tantrum?” Enquiring minds would like to know.

    • You wanted a free hand to spread covid and clog up the heath system? I for one voted for this government to protect me from threats like you. You may one day learn that the major motivation for choosing a government is for them to protect us. The ABLP admin did its job

  13. ABI Financial group wanted to get their people into govt. They ended up with the govt in their bank. They called it the UPP bank. The govt drove them broke. When ALP invested in CUB they said they didn’t want to be running any bank. Time to live up to their word

Comments are closed.