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Global Bank of Commerce Clarifies Settlement with Jack Stroll
Global Bank of Commerce Ltd. (GBC) issues the following statement in response to recent online media reports containing inaccuracies and misleading claims regarding its legal settlement with a former client, Mr. Jack Stroll.
False Claims Corrected
Certain media reports have irresponsibly claimed that “no payments have been made” and “not a cent has been paid” to Mr. Stroll under the settlement agreement. This is categorically false.
Mr. Stroll has been paid the full value of his original USD deposit, with agreed interest. Records provided to the Court have shown he deposited under US$ 11 million, and to date has already withdrawn more than US$19 million.
The remaining US$ balance due to Mr. Stroll at this time is comprised of prior and current interest, and is less than 5% of the Court ordered value and amounts to under US$350,000.00. It is this sum that the Court has now ordered to be paid by May 16th,2025.
Any assertion that the Bank has failed to make payments or owes Mr. Stroll US$10 million is utterly false and deliberately malicious.
Respecting the Rule of Law
The settlement has been governed by a confidentiality order issued by the Court. Global Bank of Commerce has fully complied with this legal restriction.
Therefore, up until now, the Bank has limited its public disclosures out of respect for the Court. Other parties in this have exploited the Bank’s silence to peddle misinformation and sensationalism to harm the Bank, its staff and the international banking sector.
It is this abuse of process that has now made it necessary for the Bank to respond publicly.
The Bank’s prior silence must not be mistaken for a lack of transparency, nor should it be misconstrued as lending any credibility to the falsehoods being circulated.
Commitment to Regulatory Standards
Global Bank of Commerce is regulated by the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda which it has kept fully informed of all developments at every stage of these proceedings.
Reaffirming Trust and Stability
Established in 1983 as Antigua and Barbuda’s first licensed international bank, Global Bank of Commerce has served clients and this jurisdiction for over four decades with integrity and stability.
The Bank remains firmly committed to:
• Protecting its clients’ interests
• Complying with all legal and regulatory obligations
• Preserving public and depositor confidence
GBC condemns the pedaling of unverified and inaccurate information that undermines trust and distorts the facts. Media outlets have a duty to the public to exercise care in reporting claims and allegations, particularly when they impact public confidence in financial institutions.
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