The attention of the Board of Directors and Management of Global Bank of Commerce Ltd. (“the Bank”) has been drawn to an article and related reports in a local online news portal, and subsequent public remarks, concerning a legal matter between the Bank and one of its customers.
While the matter is before the Eastern Caribbean Supreme Court and is therefore, sub judice, we wish to assure the public that the integrity of our institution and its 40-year long-standing participation and contribution to the international banking sector remain fully intact and in good standing, as regulated by the Financial Services Regulatory Commission (FSRC).
We confirm that our Bank is managed and operated independent of any local domestic commercial bank in Antigua and Barbuda, and any public assertions to the contrary is misleading and incorrect. We further confirm that no domestic commercial bank in the state of Antigua and Barbuda is connected in any way to the above referenced legal matter.
To our valued and loyal clients, we regret any inconveniences caused by the precipitous dissemination of information in respect of the above referenced matter, and provide our assurances that the Bank continues to operate in the normal course of business.
Board of Directors and Management Global Bank of Commerce, Ltd.
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This is evasion of the question. Why you paying your customers as alleged in the claim?
@ Blue Vex – Customer or customers? How are you certain this is a liquidity issue? Our people are quick to jump to a conclusion without proper grounds. A few years ago (2017), a RBC client, LIONEL NEDWEL, took the bank to court because they refused to give him his funds. You may recall him also staging a one man demonstration infront the bank. He lost the case (at the appeal level). There was also a similar case Debbie Jacob v RBC formerly Royal Bank of Canada (Jacob lost). Allow the court matter to proceed to avoid speaking out of ignorance
As expected, the letter neither confirms or denies the allegations about the bank’s inability to pay clients. But it responds to a whole ton of questions that no one really cares about. Anyway time longer than rope.
One big dutty chuptz. This poor attempt at damage control thinks we are all stupid.
Just move.
Pretty weak response
Why can’t you pay your clients?
It shouldn’t take two years to remove asserts from a bank.
@Jason @ Blue Vex – Clients or Client? How are you certain this is a liquidity issue? Our people are quick to jump to a conclusion without proper grounds. A few years ago (2017), a RBC client, LIONEL NEDWEL, took the bank to court because they refused to give him his funds. You may recall him also staging a one man demonstration infront the bank. He lost the case (at the appeal level). There was also a similar case Debbie Jacob v RBC formerly Royal Bank of Canada (Jacob lost). Allow the court matter to proceed to avoid speaking out of ignorance
Reply
You pointed to TWO examples of clients loosing cases against the bank. Not really the most concrete rebuttal there.
It just seems insane that a guy can’t get his money out of the bank after nearly two years. Find the court document. The payments Global Bank actually made during that time span amount to less than 1/10th of what the client supposedly has in his account. For a bank of that size, payments like this, shouldn’t be an issue. That’s not to mention the promised and missed payment dates documented in the lawsuit.
People are understandably worried about this. Something IS going on. And that worry shouldn’t be classified as “speaking out of ignorance’
@Denise-Concern does not justify conclusions without evidence. GBC has to send the funds via an intermediary. You know for a fact the intermediary does not see the transaction as a suspicious one and is blocking it? As someone reminded, the matter is now in court, exercise some patience and lets see the full story unfold. Any other client has raised alarms about inability to get funds? Is it your beleif that the claimant is GBC’s only customer?
Hard to trust a justice system when your Prime Minister is also the Finance Minister and worked at the bank in question!
“Let’s not make assumptions!”
Then proceeds to make huge assumptions about an intermediary blocking funds.
Do you work for Global Bank or something?
How much does Global Bank have in total assets? How much of that is liquid? If even a small fraction of GBC’s customers wanted to get their money out in the next six months, would they be able accommodate that?
Seems like one account holder is having a pretty hard time getting anything from them. Based on what’s written in the lawsuit, GBC has payed out close to nothing so far. Looks like they’re scrambling to get anything liquid.
Lots of evasive emails between client and CEO. Lots of promised and missed payments dates. Anyone who takes 10 minutes to read through the court document will see all this.
You have not answer the question,
Why are you not paying your client that you owe the money to?
Do you have the money or not?
Come on Global Bank of Commerce, this sounds more like a case of DAMAGE LIMITATION to me.
I had to read this response thrice and still couldn’t make no head nor tail of it; and it didn’t address whether or not the client’s monetary issue was resolved … tarl!
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Global Bank of Commerce responded by saying absolutely nothing. That so called response is fluff.
@BLACK-MAN The matter is in court, do you want them to make the mistake of trying it in now in public? Their lawyers would have advised them to trod carefully.
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such bullshit response
The Debbie Jacob case is incredibly different than the Global Bank of Commerce case. There’s frozen assets, drug trafficking charges, seized money. None of that appears here. Just a person trying to withdraw.
Bad example. Bad comparison.
Anyone can feel free to read Debbie Jacob v RBC.
https://barbuda33.rssing.com/chan-17116915/article309-live.html
@lies- You checked the claimants criminal record? You asked ONDCP if he is on its watch list? You know for a fact that the intermediary bank used by GBC did not see the transaction as suspect? Allow the legal process, and stop acting like this is UPP Justice Square (Kangaroo court)
Sir, I respect what you’re trying to do, but please find and read the details of the lawsuit. It’s not a case of an intermediary stopping a transaction. It never even reached that stage.
You’re grasping for straws. This is bigger than UPP/ALP and effects could be widespread.
The bank already paid out a small fraction of the owed amount to the claimant, a little over a million dollars. No issues with those transactions. Additionally, in email with GlobalBank, the CEO (BSY), referenced various instances of trying to make bank assets liquid to replay the claimant.
Maybe it’s not a liquidity issue, but the writing on the wall seems to make it look like it. Time will tell.
“While the matter is before the Eastern Caribbean Supreme Court and is therefore, sub judice,”
Sub Judice meaning:
Under judicial consideration and therefore prohibited from public discussion elsewhere.
What is it that Harold Lovell and Tabor as a Lawyer do not understand?
He is calling on the PM to make a statement on a matter that is before the court. This is why these guys are so inept that you wonder how come they became lawyers.
My people lub ugly yes. People a matter is before the court, and we are not parties to that action wa you want inna dem business for, does it concern you? We only know bout this matter because one of the parties open dem mouth in an attempt to get their way, it does not concern the people of Antigua. Mind you business, and let the court determine what is before it. We too bright!!!
hard to trust a justice system where the prime minister is also the finance minster and has oversight over a bank that has employed him for decades.
Why doesn’t somebody just post the statement of claim.
It is public record.
If a Customer opened an account at any Banks. The Banks are supposed to do their due diligence. Source of funds and background checks based on the amount of funds in transactions. Once all of that dusts are settled. The customer should be able to withdraw those funds without hindrances. There is something fishy going on at Global Bank of Commerce. Their Customers should be proceeding with caution.The CIP Funds are deposited into that Bank.That information came from the Prime Minister a few years ago.He did say,he had to go to Global Bank of Commerce and withdraw some of the CIP Funds to meet Government Expenses.Since our monies are in that Bank.We need to keep our eyes and ears focused on that Bank.
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