Gov’t Mulls Legal Action Over Antigua Barbuda Development Bank Saga

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Steadroy "Cutie" Benjamin, Attorney General

The Cabinet of Antigua and Barbuda says it has asked the Attorney General Steadroy “Cutie” Benjamin to consider taking legal action against those responsible for the state of Antigua and Barbuda Development Bank.

According to the government, the ABDB requires nearly $25 million dollars in new capitalization if it is to stay afloat, since it does not possess a sufficient amount of assets and capital to generate resources that could take it beyond March 2020.

The government alleges that these individuals caused the ABDB to lose more than $13 million dollars, taken from the Medical Benefits Scheme (MBS).

The state alleges that the former Finance Minister and the former Chairman of the ABDB Board were the two officials who brought the MBS money and the two failed projects to the ABDB for funding, in which the Bank was made both lender and borrower of the funds.

It said in Cabinet this week that when the two projects failed, the ABDB could pursue no person or entity because the financial arrangements had been so structured that no liability could attach to the borrower.

“The money was essentially thrown away corruptly,” the Cabinet concluded.

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6 COMMENTS

  1. So.. ABDB is broke after 5 years of ABLP?
    Did they resume the wild lending to party-faithfuls that existed before 2004?
    Let’s have a round of applause for the government of bad investments, tax giveaways, free concerts, CIP money waste, bailout Lee Wind, bailout Deluxe etc.
    Well done! Another victory for the Economic Dolly-House!

    As for you Cutie. Why don’t you focus on that $400,000 judgment debt and tell the public about the client money you only returned after 9 years and a court order?

  2. Oh my! Why are you mashing up our good friend Cutie like that. Hahahahhahah

    Cutie is too cute to mix up inna any skull duggary.

    A now it sweet. Story jump out!

  3. Cabinet is five years too late and not consistent with its earlier stand not to wast money on these legal nightmare. Who they should have pursue were the ABIB Directors. But Gaston openly said that it would have taken to many Antiguans in High places down. And he wasn’t wiling to do that. Which really means, the poor man feeling it in his pocket. And white crime criminals will never be prosecuted. Only the poor little man and woman

    • Sidelines;
      Are they (Cabinet) going to look into the Finance Minister,Gaston Browne.His inability to curtailed the cost over runs for millions of dollars.In the Treasury and ADOMS Buildings.After all he has been the Finance Minister for over 5 years.Those buildings were built on his watch.So go and waste money on an Investigation.Like the hundred of thousands of $ wasted on a fake Audit done on the ADOMS Building.Then they tried to cover the Audited Report up.Only to have it leaked.Or else we the tax payers would not have known one darn thing.I would like to see them go after those at the ABDB.Because many cans of worms would be opened.

  4. How much did the e-book scandal cause us to lose? What about the wanton spending that Weston complain about? What about NYAMCO?
    This govt only seem to care about our money when they feel they can score pilitical points, or wgen they feel they need a distraction.

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