Source- Real News Antigua: The Government’s failure to redeem Treasury Bills issued to businessman Jack Stroll could have negative implications on the country’s financial sector and investment climate.
If Stroll is unable to redeem his US$10 million in Treasury Bills, says D. Gisele Isaac, chairman of the United Progressive Party (UPP), this would not augur well for future interest in the country’s T-Bills.
A Government Treasury Bill in the amount of US$10 million, and for the period 2018-2028, issued to the Global Bank of Commerce as collateral for a loan to the Government of Antigua and Barbuda and subsequently committed to Stroll as collateral for the money Global owes him.
According to court documents filed by Stroll, the Browne Administration’s promise of early redemption of the Treasury Bill did not materialize, and Stroll subsequently took the matter to court.
Prime Minister Gaston Browne retaliated by referring to the businessman as greedy and politically motivated for wishing to withdraw his funds – which Browne stated were tied up in national development.
Isaac says that, no matter the length of time, the Government will have to ensure that the depositor receives his money.
If the T-Bills are not honoured, she says, then no one will have confidence in any Treasury Bills issued by the Government of Antigua and Barbuda. And, according to her, this situation is leading to a path of destruction.
Despite his protests that this matter is between Stroll and the bank and does not involve the Government, Isaac says that Browne cannot remove himself from this convoluted issue – particularly since he has been the only one to speak on behalf of Global Bank.
No one representing the institution, including Chief Executive Officer Brian Stuart-Young, has spoken publicly on the controversy.
Meanwhile, Isaac says she is very curious to learn in which national- development projects Stroll’s money is tied up, based on PM Browne’s explanations
According to Isaac, the Browne Administration is scaring off credible investors since this is not the only matter in which the Global Bank of Commerce has failed to fulfill its financial obligations.
She makes mention of the Steven Morgan Foundation hurricane- relief donation of US$1 million to the people of Barbuda – which is yet to reach them.
Again, like the Stroll case, no one from the bank has addressed the
issue.
Only Prime Minister Browne has spoken on behalf of the institution in which he claims the Government has no interest.
Now, Isaac alleges that Stroll is not the only person who has been unable to get his money out of the Global Bank of Commerce.
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Well highlighted your Most Honourable D. Gisele Isaacs. Can things get any worse under this awfully awful ABLP administration?
Everywhere you DIG, the more and more financial misappropriation is uncovered – I dread to think what is coming next!
Unfortunately, it looks like when the UPP come to power and prominence in 2028, there will be no money left in the treasury; however – being optimistic -, the UPP will need two terms of governance to put things right for the country I adore.
KEEP DIGGING MS ISAACS 👍🏾
And two terms of Public Inquiries to sort the national malfeasance and bring justice to the perpetrators.
Bipolar Brixtonian and MAN COW should seek office.What a bunch of losers.
@ Brixtonian: ” Unfortunately, it looks like when the UPP come to power and prominence in 2028, there will be no money left in the treasury; however – being optimistic -, the UPP will need two terms of governance to put things right for the country I adore”
I see that you are quite optimistic that UPP will return to power……. I assume if optimism makes you feel high, then continue to think how you are thinking. However, with the present team that UPP is showcasing it is definite that they stand no chance at all…. They all do not know how to run a sweetie shop much less to run a country.
I would advise u to wake up from dreaming and come to grips with reality.
As for Ms. Isaac, anything that she utters tends to be hot air….. Antiguans are wise. Giving her credence to what she is proposing is certainly a waste of time. This lady’s utterances tend to be like water sliding off a duck’s back.
Hey @ Bluddy, I’d rather be a optimist than a pessimist.
BTW, is your glass half full or half empty?
I bet it’s the latter 😁
The web of activities surrounding Global Bank of Commerce is much more complex than Giselle Issac’s statements.
The Bank Executives are mum and dumb on the subject of Global bank and its financial conditions as well as providing an explanation of the financial situation.
The Global Bank of Commerce seems to have a large amount of non performing loans which has created a liquidity crisis.
Gaston Browne reaction and specious claims don’t hold water. Global Bank of Commerce will be a national bank disaster if they don’t get a deal done with the Chinese
Is the Bank in such bad shape that it can’t afford to pay its depositors; then why isn’t the regulatory agency responsible for the Banks stepping in.
In most situations the Government or the responsible Minister makes a statement. Many of these statements are simply cover your ass statements.
Gaston just gave a statement about LIAT. Most of it most made no sense, just a contradictory eye wash for public consumption.
Molwyn Joseph just made a statement. About the renovation and expansion of the Emergency Department at the Medical Center. Too little too late. Another eyewash of little value.
No public relations statement of Global Bank of Commerce has been produced by the scribe in Washington DC.
That says this bank is in big big trouble; and that it no longer have its depositors money.
The Chinese may yet vail it out. But any investor who takes over Global Bank is going to be issuing defaults left and right to get their money back.
Look out for Chinese interest to be the new owners of lavish homes that are taken over, as part of the solution to Global Bank.
The crisis would have been abated; but lots of what we call big people aren’t sleeping at night , for they are about to loose their homes
Eh, look Man Cow!
@ Bolans Vere
I was waiting patiently on your anticipated response, again due to Ms Isaac winning $3,500,000.00 of tax payers money from Gaston and Michael Brown for firing her because of politics and because she’s much much more brilliant than the entire LABA PARTIE put together.
Can you provide a definition of two terms for me: a) USEFUL IDIOT? and b) Frivolous.
You may also want to explain the term ”Man Cow” to Ms Govia and Ms MC Hurst.
And BTW, do you have a mother or you dropped from hollow tree? 🤣🤣🤣
Don’t bother with Bolans Vere @ poor u.
He’s an out an out woman hater and misogynist. He wants a reaction, and normally gets a reaction; that’s why he only drops 3-4 derogatory words.
EDUCATED FEMALES DISTURB HIM AND DEVALUES HIS SOUL …
Anything this government is heavily involved in spells disaster as the government does not pay its debts. It appears this bank has been used as a piggy bank by the government and people affiliated with the government and maybe even their families. They were allowed to borrow at will and not repay the depositors money. The bank manager has a lot of questions to answer to, but it appears that he may be hidden away in China as ambassador. Hope he shows up for his day in court.
If the man is holding government treasury bills for his money, why is Gaston on his radio station saying that it has nothing to with the government and the man wants him to use government money to repay him. The treasury bills have to be repaid by the government as they issued them. Does Gaston think we are stupid, well maybe some of us.
@Think about it
No skill is more valuable and harder to come by than the ability to critically think.
Many lack the ability to form an independent idea, and the entrance of an idea into their mind with or without deliberate bias influences.
This situation is not complex, but many aren’t able to grasp the truth of what is happening; so like the Prime Minister they degrade and in order not to address the reality of what is happening.
POOR TADI. What a woman
@PAPI
You are a person without balls. What are humans without balls?
They are little sissy. When that’s all you have to offer. Go see Gaston, he is familiar with that world.
@Bolans Vere,
You obviously have a problem with strong minded black women.
It’s a sign of your lack of self esteem. Seek help.
Again the Labourites and Gastonites resort to mudslinging and character assassinations instead of offering thoughts relevant to the matter at hand. Hey, its the nature of the red cool aid beast call ALP.
@Bloke (A synonym of Bloke is Joker and this fits you well) ALP stole the last election as they always have. Spending millions in SMS and still got his a$$ kicked. Just a matter of time Joke. Just a matter of time.
We expect no better from you Laborites or Gastonites. The country is sinking deep into a quagmire and all you can see is RED. You will even lie yourself into believing other than the reality that stares you in the face.
D. Isaac is on point. Stroll will spread the word as money people always do and smear Antigua and Barbuda’s name. Simple really. The man has been embarrassed twice, when his credit card,with GBC,was declined. When a millionaire experiences this, they do not forget
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