The FSRC is investigating issues involving the Global Bank of Commerce and depositor Jack Stroll, according to Prime Minister Gaston Browne.
The bank is struggling to meet its financial obligations, prompting legal action. Browne emphasized that the FSRC is the legal regulator of the banking sector and he cannot interfere with its responsibilities.
Local residents are calling for the FSRC to address its inaction on troubled banks. Opposition groups are demanding the removal of the FSRC’s board, alleging incompetence. Browne disclosed that the Citizenship by Investment Programme no longer uses Global Bank for processing funds.
He also mentioned an issue involving a $1 million deposit by Steve Morgan for Barbuda relief, which remains in the bank due to banking difficulties. Efforts to retrieve the money have failed, despite attempts by Browne and others to resolve the matter with Morgan.
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The Global Bank of Commerce was known to be failing since 2019. The FRSC Board did nothing. They are equally responsible for the looses that’s coming.
This bank is not just struggling, it is insolvent period; seemingly without any insurance to cover depositors when it fails.
In spite of being aware of Global Bank troubles; The GOAB continued to deposit money into Global Bank and encourage others to do so.
Government official not working or involved in the banking system or sector; were regularly seen strolling in and out of Global Bank’s CEO office.
Now the Prime Minister and his allies are trying to distance themselves from the failed bank.
He was fully aware of their problems and went out of his way to castigate depositor demanding their money in defense of this failing bank.
Gaston Browne should be made to answer why rather than his flippant and dismissive comments.
Opposition groups should not simply be demanding the removal of the FSRC’s board, but a full scale investigation of Global Bank of Commerce.
The Chinese may come along and bail out Global Bank as it is known on the street; but this is a major problem for the reputation and viability of Antigua’s Off Shore Banking sector as well as the CIP.
Something is wrong and the Opposition and The Ecumenical Council should be demanding that the Government comes clean.
Barbudans have a case coming down from the Privy Council shortly. They should not wait to start suing Gaston for their money.
Not just the Mr. Steve Morgan gift but the hundred of million have already traced that they did not receive.
The Chinese may yet arrive with a bail out MOU.
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Ponzi Scheme again in Antigua.
How can you tell me that a boasted (boasted by PM Browne) bank of this magnitude does not have the USD10 million to cover one client’s full returns. It is not adding up.
If such a profitable bank had finance backing and investments, it would have given this man his chump change with ease. Is the bank and others who boast it, saying that the bank only has one client, and that client is Stroll, and that same client has the biggest deposit???
As president Xi would say “Sum-Ting Wong!”
Maybe it is long overdue time for the United States FBI and Secret Services to get involved along with their Canadian’ colleagues.
Everyone who lost money in this bank should sue the members of the board of the FSRC for negligence and dereliction of duty for the past few years.
How did we the people funds ended up in Global Bank of Commerce.Gaston Browne is the answer.He had our CIP FUNDS into that Laundry of a Bank.He is willing to support the CEO,Brian Stewart-Young.He did say,Brian Stewart-Young is not a crook.Are you a crook Gaston Browne? Speak of and for yourself and not for anyone else.For even though you are friends with an individual.You would never know all things about that person.
This is a classic case of Government and a private entity hand in hand corruption! period.
It is worse than dereliction of duty.
The Chairwoman and the members of FSRC Board ought to be well aware before the public, that for years that Global Bank of Commerce has financial problems.
The FSRC website has wiped off the names of the Board members including the Chairwoman. Each and every one of the board members are on the board at the pleasure of Gaston Browne. No one is on the Board of the FSRC without Gaston Browne’s approval.
The debacle about the Bonds tells how much the Government and the Prime Minister are tied up in the Global bank of Commerce fiasco.
Rather than coming clean; the Prime Minister attempts to beamish the character of a depositor who asked for his money.
The Prime Minister school yard type lame defense further illustrates Prime Minister Gaston Browne’s central role; and further indicate the extent to which Gaston Browne is deeply involved with the Global Bank of Commerce
It is commonly known that Prime Minister Gaston Browne trademark is to lashes-out, attack and degrade his opponents when he is caught with his pants down.
The question is: Are there insurance(s) that cover depositors’ losses and if so, what are the limits? What are the recourses that depositors have in this case. Who would they sue?
The Bank which is for all intents and purposes bankrupt?
The Officers and Directors of the Bank?
The Government of Antigua and Barbuda?
The FSRC which has not assets?
Prime Minister Gaston Browne personally?
Who would Barbuda sue for their $1.0 million plus interest.?
What soever the outcome. The buck stops with Prime Minister Gaston Browne: “The Banker”.
There is a Book entitled: Why Nations Fail.I am going to send a copy to Gaston Browne to read.Perhaps he could learn a thing or two.Then again,he knows it all.
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