A Jolly Harbour resident and a local business place is suing an Antigua-based bank and the bank’s CEO for million of dollars.
According to the claim filed in the High Court of June 27, 2022 the Claimants claim against the Defendants the sum of GBP £2,666.847.36 and USD $9,195,384.11 or the equivalent in Eastern Caribbean Dollars in respect to deposits made.
The claim alleges that with the First Defendant (the “Deposits”), have failed or refused to pay out to the Claimants notwithstanding the First Defendant’s obligation and commitment to do so or the Second Defendant’s commitment to guarantee the payment of the Deposits to the Claimants.
United Progressive Party leader Harold Lovell wants the government to immediately issue a statement on the matter:
Listen to him here:
According to the Court documents, on diverse dates, the Claimants made numerous demands for the transfer of all funds owing to the Claimants, which the Defendants admitted they were unable to satisfy notwithstanding their obligation to do so.
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Big if true
always know people business and who is a criminal element. Let’s see what he has to say. Also what’s up with Mr Singh from Western Imperial?
Is this the bank that a politician’s son said he borrowed over a million dollars from to invest in Dredge Bay? ECAB, keep them people who want to take control at bay. They like to borrow and not repay.
Looked up the court document.
The name of the bank is …… and the CEO who’s being sued is …….
Be careful if you have money invested in there.
Why you censor my post? the people deserve to know. it’s a public court case
Gaston definitely knows about this. House of cards gonna come crumblin’
The foolish man built his house upon the sand and the rain came tumbling down!
The rain came ⬇️and the flood came up ⬆️ 🌧🌧🌧🌧🌧☔️
ECAB,make sure the Directors stand their ground on those STOCKS.
GBC gets a lot of foreign investment dis could ruin the islands reputation. corruption everywehre bruh
IF THIS IS AN OFFSHORE BANK LIKE LOVELL SAY IT IS, HAS THE FINANCIAL SERVICES REGULATORY COMMISSION FSRC DONE SOMETHING? THEY REGULATE OFFSHORE BANKS. A BANK THAT CANNOT PAY DEPOSITORS IS A SERIOUS ALLEGATION.
Check out the difference between Harold and Gaston
Harold informs
Gaston curses
Gaston Browne is the WORST FINANCE MINISTER EVER
No no no! Harold Lovell was Finance Minister during this time
https://www.bvibeacon.com/antigua-placed-on-worst-banking-list/
Be objective in thoughts and read what was our status internationally under harold lovell- not again
Slow talker. Do you know how serious this is. On account of this, Antigua could lose its correspondence banking status. Are you aware of this.
Why hasn’t Gaston Browne addressed it.
If we lose our correspondence banking status, that could seriously affect our ability to conduct business overseas. Merchants will not be able to pay for goods and students who are studying overseas will not be able to receive their money from their parents
Trying to throw red herrings in the way is most unhelpful.
We will not be distracted.
GOD HELP US. we not gone let bank be the next STANFORD here. GASTON is NOT going to GET AWAY WITH THIS.
So Gaston Browne can tell you how much money you have in your bank account.
Gaston Browne can tell if you live in a rent house.
BUT Gaston can’t tell us that a bank that he have close contact with is being sued!
WHAT CAN GO SO!
Tenman, From the Sidelines, Cermle, Who shot Tessa Barthley , Pete, Carson,Drake,
please come and justify this!
They can’t defend the indefensible, because they well and know that this is another step too far, and the Prime Minister’s tenure is soon coming to an end.
The sooner the better, Antigua needs a change …
Just Saying, please justify this
Cannot be justified in any sense of the word. Totally unacceptable.
Thank you for your honesty
Not a word from the usual choir members. Everyone of them is going to be chastised for their silence.
Wow, if true this is massive!
Talk to the electorate and let us know what is really going on Prime Minister – you can’t sweep this serious banking issue under the carpet.
Things like this can destabilise small countries like ours.
… and do not forget that this news broke at the weekend when banks are closed, so that people can’t take out their money. Hmmm!
I can only recall a similar weekend announcement when the global banks had problems in 2007 – 2008
Monday’s banking opening times will be very interesting in Antigua …?!
Which bank? Why is no one saying the which one?
Is it the bank Gaston used to work for?
It is an overseas bank
Offshore, not overseas. It is an Antigua offshore bank. Overseas gives the impression that it is a bank from another country like FCIB. That is not the case.
@bill – where can one find the court documents?
I’ve googled with no success.
Agree with other commentators, if this is a public record it should be published.
Agree with other commentators, our corresponding bank and general financial status internationally could be under threat, which would make life VERY difficult for all Antiguans should our international status change.
Here. This could potentially help in your search:
https://bit.ly/3JynFms
Thank you.
Pellucid.
Why the secrecy in announcing the name of the bank? This adds to the intrigue and will possibly create a RUN on the bank.
Jumbee_Picknee say…
…a wey de #tenman dey!
…lard gad knows, he always have something to say.
…Is it possible, to hear From The Sideline
…as to who, Coach Browne is sending in
…to investigate these allegations and crimes
…or, can we hear from Cermle
…and, what he thinks is causing this controversy.
…’cause, as many #Bloggers are saying!
…even, the one named #Just Saying!
…this could be real disastrous, for Our Country!
…the question now begs⁉️
…can we wait, until 2023⁉️
…to get rid of, this present band of crooks
…that’s, running the Nation through ABLP!
…and, ship them all off to #Cooks!
#Hail up!
#Wise Up!
#Rise Up!
#Stand Up!
…now, can I introduce you to #Studiation Brown!
…he’s another Antiguan, who’s well known!
…yet, although he had no formal education!
…he was astute, as a business man
…and well known around the Nation!
…for, his solutions!
…to, difficult business decisions!
…therefore, PM Gaston “Top_Dawg” Browne!
…The Nation is calling on you!
…we’re beseeching you too!
…that, if you don’t know what do
…simply, #channel “Studiation!”
…and, get Us out of, this S.H.I.T.uation.
…otherwise, please retire, from your position!
…since, there’s no more time to waste!
.,.such must happen immediately! As in #Poste_Haste!
…Ras Smood is just another #Jumbee_Picknee!
…but, I sending a message to King Zacarri!
…you too, will be getting licks!
…come #Twenty_23!
That’s it for today
…
Is that Bank, Bankrupt? I am aware that Bank is connected to Antigua by the way of a brick and mortar Bank in Antigua.Depositers of all Banks in Antigua and Barbuda watch carefully. Everything this Administration touches turns to dung.They are going after ECAB. I personally say, HELL NO.Gaston Browne what is going on at that Offshore Bank? Where the people CIP monies are stached.Not your damn money.
@Wharf Rat…
…if, you’re trying to ascertain that!
…and, get all of the #facts!
…as, to whether the Bank 🏦 is bankrupt
…or, WHO’RE corrupt!
…call on the man of perfection!
…or better yet;
…don’t place your bet!
…until, we hear from #tenman!
…‘cause, according to Mami_Wata
…he’s one of those #WHO’RE,
…in control, of the S.H.I.Tuation!
Me garne, fu now!
Is it the old S
WE NEED TO KNOW WHICH BANK!!!
It is the GLOBAL BANK OF COMMERCE and its Chairman Brian Stuart-Young that are being sued.
Will Brian Stuart-Young be stepping down as chairman?
Brian Stuart-Young has resigned already as Chairman. Some speculate that his resignation was not done voluntarily but he was pushed by the Top Dawg.
@Charles Tabor. Judging from the definition of S.A and considering the very recent house bombing circumstances in Barbados of a lawyer and her family I am thinking that perhaps BSY and son (and whoever else is involved) might have cause for concern!
Is his replacement going to be able to find the people money to pay back their deposits or the money gone where it shouldn’t have? Hope the bank won’t be filling for bankruptcy as people say some of Antigua’s CIP money was deposited in this bank. Waiting to hear what corrupt undertakings occurred at this bank.
Will Brian Stuart-Young be stepping down as chairman or not?
By Gaston?
Brian Stuart-Young
Also bought the old Alain Stanford bank building.
Isn’t that coincidental.
lol
Have you noticed that Gaston Browne fingers mash up every bank he touch:
Gaston Browne worked at Swiss American Bank
Swiss American Bank went bankrupt
Gaston Browne closely link with CUB the sister bank of GBC. Now we have somebody suing the bank because they can’t get they money.
Gaston Browne, is wha kinda Finance Minister you be!
You love fu mine nagga business! Hey, bottom dawg mine the country business instead
No bank has millions of dollars just sitting in accounts. They have to invest the money to earn and pay interest. Any bank that has loaned funds and are not collecting on the loans are in deep trouble and can’t pay their depositors. The question is, where the people money gone?
From what I understand of the lawsuit, the depositor has been trying to withdraw the money for almost two years with various promised payment dates being missed.
Doesn’t a bank need that have a certain LCR (liquidity coverage ratio) to operate? Specially for situations like this?
I imagine with the info out there now, and depositors getting worried, we’ll find out soon enough.
Is there any criminal liability in the Antiguan court system for the CEO? For pretending to operate a functioning bank while taking peoples money? People could lose life savings over this.
I mean, inepter and more dunce like this they really don’t come. Harold makes these dumb statements, and his supporters cheer him up. They don’t think for themselves. I mean didn’t I try to educate you guys when he made the same dumb statements about the Shares from the Government in ECAB Bank. When he claimed the government can tell ECAB to lend them money whenever they want. Didn’t I post the Banking Act of 2015 for you to read? I guess you guys cannot read for yourselves. Didn’t I explain what Harold did to ABI Bank? They overlend to the government and brought the bank liquidity in jeopardy. And instead of Harold paying back and stabilizing the banks’ liquidity he refused to lend them a hand. The same bank saved them time and time again by honoring their checks with unsecured overdraft to the tune of $60million. And that is the reason why the Currency Union had to strengthened the Banking Act. Giving more powers to the Governor of the Central Bank to fire the directors of the bank and management if a situation like this occurs again. And now the Central Bank doesn’t need the approval from the Minister of Finance to place a bank under administration. All this because of what happened in Antigua with ABI Bank. More than a year Lovell kept the Central Bank from acting and carrying out their duty. Had the government taken a bond and placed the money as a deposit in ABI Bank it would have improved their liquidity.
And tell me, since when can the government comment on a case that is before the court? Not even when it comes to a criminal case. As a Lawyer Harold should know that very well. And Tabor should also. And secondly the Offshore banks are regulated and reviewed by the FRSC. And those Act were passed in 2013 by Lovell himself. So, he knows damn well, but he likes to mislead his followers. And what is that if a client has a dispute with his bank? Is that something for public discussion? And for the PM to make a statement on that? I guess you guys are dumb enough to think that should be the case. But when the PM calls out the Chairman of ECAB for not issuing the Government its shares, you guys find he is bullying the bank Chairman. Not understanding that with more shares Antigua ill own the majority shares of the bank and that will bring more dividends in the Treasury, which will benefit the people of this Country. Not Gaston Browne. But you guys have blind hatred. And cannot think for yourselves. You come as dumb as they can. Go to the FSRC’s website and read the Act. If the bank was in any problem the FSRC would have appointed an administrator already to manage the affairs of the bank. They did so in many other cases, such as the AOB, The Meinel Bank and others. The reason Leroy King is now in jail tells you what will and can happen if you fail to do your job in that position. Just know Stanford closed under the UPP. He seems to had free reign from 2004 till 2009 when the UPP was in office.
What are the authorities going to do about Global bank trading illegally? Why talk about the past, let’s worry about the situation at hand.
Wow, @ From The Sideline, how you love living in the past so. All I’m reading from your one-sided Lovell rant is:
“He seems to had free reign from 2004 till 2008” and “… those Act were passed in 2013 by Lovell himself …” including, “Just know Stanford closed under the UPP”.
Come on man, still mentioning 2004, 2008, 2013 and STANFORD is clutching at straws and smacks of desperation!!!
May I remind you that we are now in the year of. 2022.
We can all go back into the past like you @ Sideline, but what’s the point?
TODAY, PEOPLE ARE SUFFERING UNDER GASTON’S WATCH.
Can you imagine if we followed your lead and looked back into the awful tenure of ABLP’S Lester Bird?
We’d be writing about him forever and a day boss.
JUST ADMIT THAT THE COUNTRY HAS HAD ENOUGH OF THE ABLP AND GASTON BROWNE LEADERSHIP …
Isn’t having a Prime Minister who also acts as the Minister of Finance a HUGE conflict of interest? For exactly situations like this?
You could maybe make an argument that the Prime Minister shouldn’t need to comment on situations like this, but sadly Gaston has a personal connection, and is a former employee, of the Bank/CEO being sued. (And, again, he’s the minster finance. So literally regulation/oversight is part of his job)
Regardless of which party you support. Regardless of your feelings on Lovell. Regardless of the history. Something is not right here. And if it starts scaring investors away from Antigua, that’s everybody’s problem.
Brian Stuart -Young
Should resign from the bank.
Side Line I had my doubt with your writings weather or not you are the Prime Minister who is the author you have just given away your self thanks
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