Lovell says it would be prudent for bank official named in lawsuit to step aside until High Court has settled the matter

40

REAL News: Harold Lovell, Political leader of the United Progressive Party (UPP), believes the Chief Executive Officer of the Global Bank of Commerce Ltd. should step aside until a recently filed legal matter is heard in the court. CLICK HERE TO JOIN OUR WHATSAPP GROUP FOR NEWS UPDATES.

According to documents filed in the High Court of Justice on June 27, 2022, a resident of Jolly Harbour is seeking payment of £2.67 million and US$9.2, or the equivalent in Eastern Caribbean Dollars, with respect to deposits made.

Allegedly, the bank has failed or refused to pay the depositor in spite of his numerous demands for the transfer of all funds owing to him, and the defendants reportedly have admitted they are unable to satisfy them.

Accordingly, Lovell believes that the bank official being sued – Ambassador Brian Stuart-Young – should step away from the institution until the court has settled the matter.

He makes it clear that he is not suggesting the banker is guilty of any wrongdoing; however, stepping down would be the proper thing to do, he says.

Further, Lovell says, the Financial Services Regulatory Commission (FSRC) should have some interest in this matter.

The UPP Political Leader says this situation has the potential to undermine the bank – which no one, including himself, would wish to see happen.

Lovell is calling on the Administration to be responsible in the way it handles this situation – especially since Prime Minister Gaston Browne has already publicly attacked the depositor for suing to recover his own money.

Last weekend, Browne said on radio that the man’s deposits were tied up in “national development.” However, Lovell says it is any depositor’s right to withdraw his money from a bank, following the procedures in place to do so.

CLICK HERE TO JOIN OUR WHATSAPP GROUP

40 COMMENTS

  1. Im Utterly Confused .
    Financial Operations not Kool.
    We Already have Minute Response to
    Modernization & Stock Development.
    But With Shady Operations Abound
    “” Will the Real PM please Stand. ”
    Wadadie Beer./ Caribou Asot / Choski
    Ebook Tradegy Economic Diversities
    Disdain

  2. GASTON MASH-UP ANTIGUA

    CUB and Off-Shore affiliate – man who want his money suing them.

    XIAO Jianhua- Gaston gave him our passports. This man own part of WIOC. Shareholders will you be affected

    Peter Virdee-Did the ABLP buy the SOLAR PANELS without batteries? Anyway he now in jail

    Saab Moran- Did Gaston give him a diplomatic passport? Is he still in jail.

    It seem like Gaston just love crooks

  3. So, Harold, you can tell us if it is prudent that you are still running for public office, when you are not just named, but you are before the court accused, charged with illegally converting government property into your own name. Misbehavior in public office. A very serious accusation that if convicted could land you in 1735. You should not be on any political ticket until your name is cleared. Don’t worry about the bank. The FSRC is the regulator, and they have the law to go by. If as a lawyer, you see a breach of the law you may bring it to Dr. Paul Ash his attention. He would be happy to learn from you.

    • @ From The Sideline

      I totally agree with you, but unlike Harold who has not been charged with crime, THE ATTORNEY GENERAL NO LESS HAS BEEN CHARGED WITH FORGERY (A MAJOR CRIME), YET STILL GASTON BROWN SAW IT PRUDENT TO HAVE HIM IN HIS CABINET AND TERRORISING POOR BLACK PEOPLE WITH TEAR GAS ALL IN THEIR HOMES, INCLUDING PEOPLE WHO WERE NOT PRESENT.
      HAROLD IS ACCUSATION AS YOU SAY AND COULD BE LANDED IN 1735, BUT CUTIE HAS BEEN CHARGED ALL THE WAY TO THE PRIVY COUNCIL, BUT YET ON THE ABLP TICKET!!!
      YOU HYPOCRITES…THAT IS WHAT I DONT LIKE ABOUT YOU WICKED ABLP SUPPORTERS, IT IS RIGHT IF ITS ABLP, BUT WRONG WITH EVERYONE ELSE.

        • @ Enquring Minds

          Thats why you and the PM is the same person, always digging into people’s business and knows everybody’s business instead of his own, exposing people , for what they make, what they own, what sickness they have, what a WOTLESS PM.
          JUSTICE FOR NIGEL NOW

        • @ Enquring Minds

          Thats why you and the PM is the same person, always digging into people’s business and knows everybody’s business instead of his own, exposing people , for what they make, what they own, what sickness they have, what a WOTLESS PM.
          JUSTICE FOR NIGEL NOW

      • @ ALP’S BROKER FORGED PM SIGNATURE IN NIGEL CHRISTIAN’S MURDER…. you really do not understand what you speak of. The mere fact that Harold Lovell and others are before the High Court for Conversion means that they have been charged with a crime.

        So he is making the argument that people need to resign because of a civil matter, but he has criminal charges hanging over him….. So who really needs to resign?

        • @ Wash an’ Basin

          And your response to the aspect about CUTIE? You ignored it conveniently.

          Is not Cutie a criminal charged?

          THE SHEER HYPOCRISY OF YOU ABLP PEOPLE- GIMME AN ANSWER FOR CUTIE

        • @ Wash an’ Basin

          You are such an ass and the one that do not understand.

          Anyone can be charged with anything trumped up by the prosecution, especially one controlled by the powers of the state , including the one called Anthony Armstrong who has been compromised and singing for his supper as he has to yield to the wishes of GB and the AG, in fact Gaston himself called the DPP corrupt.
          RESPOND TO ME ABOUT CUTIE’S CRIMINAL FORGERY CHARGE AND CONVICTION U USEFUL IDIOT

      • What lie are you telling? Lovell has not been charged with a crime. Are you on some drug or so. Harold Lovell, Jacqui Quin and Wilmouth Daniel have all three been charged with a serious crime. And please do not compare that with Cutie’s case.

        • @ From The Sideline

          CONFUSE THAT WITH CUTIES CASE, WHERE SOME BODY WAS SENT TO PRISON FOR THE SAME CRIME THAT HE COMMITTED AND WHERE THE PRIVY COUNCIL SAID HE COMMITTED A CRIME AND SHOULD BE JAILED, BUT STILL SERVING AS THE AG.

          ARE YOU GUYS FOR REAL?????? AS LONG S ITS ABLP ITS OK, BUT IF ITS ANYONE ELSE ITS WRONG.
          Anyone can be charged with anything trumped up by the prosecution, especially one controlled by the powers of the state , including the one called Anthony Armstrong who has been compromised and singing for his supper as he has to yield to the wishes of GB and the AG, in fact Gaston himself called the DPP corrupt.
          RESPOND TO ME ABOUT CUTIE’S CRIMINAL FORGERY CHARGE AND CONVICTION U USEFUL IDIOT. NONE OF THE 3 NAMES CALLED HAVE BEEN CONVICTED BUT CUTIE HAS BEEN!!!

    • @From Sideline The Sideline
      You people are using trumped up charges to destroy his political career. You lost twice in Courts. Nothing new with labour. Remember Walters. AG and DPP. Why are they still holding office?

    • I agreed with with Lovell that Stewart-Young should step aside until this matter is resolved. He is involved with Global Bank of Commerce and CUB. Let Gaston Browne become the spokesman for both Banks.I heard a recording of him speaking on that matter of Global Bank of Commerce as if he works for that Bank.He should be nervous,because the people CIP monies are deposited into that Bank.As it stands right now that Bank is in deep shit.It cannot give one of its customers the money he wants to withdraw. It is his money not the Bank’s.Is Global Bank of Commerce playing and operating like a Ponzi Scheme? Is Global Bank of Commerce Managed by Brian Stewart-Young playing Russian Roulette with its customers money? We the people have Gas-man Browne to blame for the monies of the people he deposited into that Offshore Bank.Why did he go to an Offshore Bank to deposit our money? When there are several Commercial Banks in Antigua and Barbuda.

  4. Gaston says that the man’s money is tied up in National devrlopment? If this is true, what kind of poor excuse is that for not paying the man his money? And Gaston says he is a former banker? That is not how banks work. When a person deposits funds with a bank, it is a debt owing from the bank to the depositor and is repayable ON DEMAND. It is no excuse for the bank to say it has loaned out the funds and so cannot re-pay. Any bank that uses that excuse is a bank in TROUBLE. A liquidity crisis. That excuse is EXACTLY why we do not want Gaston and his government in ECAB or CUB. Banks are not public purses for government to use its funds for national development. What a BS excuse.

    • NOT SO COMMON it sounds as if you have immense knowledge of how banks should operate. Maybe you need to give the former banker Gaston Browne some lessons.

      • HAROLD LOVELL 1735 is waiting. You will NOT beat this one. You will drop out if the race for 2023 election.

      • Yeah, why not appoint him to the Board of the ECCB or to the Board of the FSRC. He could teach Dr. Paul Ash who, by the way, was Country Manager of FCIB/CIBC at one point in his brilliant career. Perhaps he can teach Paul what to do. Now you see why UPP failed so miserably when they ran the country.

    • @Not So Common:Gaston Browne worked in a piggy Bank,Swiss American. That does not make him a Banker. I worked for a Bank in Antigua for 10 years before I left.What has become of the piggy Bank known as Swiss American.

    • Now you starting to see the light…
      Time longer than rope. Dat a wah me always here.
      No put u head where you body can’t pass.
      Live within your means.
      No grudge people fu wha dem hab. You no know wha dem haffu do to get um!!

  5. “National development” and badmindedness for asking for your own money. When a bank lends out a lot of their money to the government and few individuals, and the loans are not repaid, the depositors have problems getting their money. My advice to any bank is to be careful how much you lend to these people as this government doesn’t like paying their debts.

    • Sounds like a Ponzi scheme to me. Use one’s bank deposit to fund another’s obligations and living with a promise to pay back at an exorbitant interest rate.

      Now the depositor want his money with interest earned. The “BANK” CANT PAY.

      Who in the US FEDERAL PENITENTIARY for the rest of their natural life in the custody of the “ALPHABET BOYS”? For operating the same way.

      I can think of two individuals…let the record speak for itself.

  6. From The Sidelines – why is it that you labourites are so fearful of Harold Lovell?
    The same thing the wicked VC Bird Sr did the great George Walter, you labourites are now wishing on Harold Lovell.
    Why is it that Labourites think that only Labour Party can run Antigua and Barbuda 🇦🇬?

    Ah you fraid Harold Lovell. Hahaha 😆

    • Because he once wrecked this country and took us to the IMF. The country was on the brink of becoming a failed state. Such a man should be prevented to ever hold the reign of this country’s economy again. You heard the new song, “Not Them Again”.

      • @ From The Sideline

        You keep referring to the IMF who successfully brought Barbados, Grenada, Jamaica, St Kitts and Trinidad from financial ruin. The IMF loan was circa 1% but then Gaston fooled the people in believing that they are the worst lender but then went and borrowed over 3 times the amount the IMF lent Antigua and at interest rate of circa 8-11%……any business man will tell you that this decision was sound as it ended up saving the taxpayers millions of dollars as opposed to Gaston increasing the debt per capita in excess of 50%…..WHICH IS BETTER KNUCKLE HEAD?
        PLUS DO NOT FORGET THAT GASTON, YOUR GOD APPROACHED THE IMF FOR A LOAN WHICH WAS RESOUNDINGLY REJECTED BY THEM 😊😊😊😊

        • Successfully my foot. You guys want people to believe and trust the IMF, because that is the only thing you guys know what to do. The IMF is known as the lender of last resort. Mia was forced into the IMF arm, because of what her predecessors did to the country. She is trying hard to get out of that. Look at their economic growth,
          “Barbados gdp growth rate for 2021 was 1.40%, a 15.38% increase from 2020. Barbados gdp growth rate for 2020 was -13.98%, a 13.37% decline from 2019. Barbados gdp growth rate for 2019 was -0.61%, a 0.42% increase from 2018.”
          Now compare that to Antigua and Barbuda’s economic growth
          “Antigua and Barbuda gdp growth rate for 2021 was 5.27%, a 25.46% increase from 2020. Antigua and Barbuda gdp growth rate for 2020 was -20.19%, a 25.05% decline from 2019. Antigua and Barbuda gdp growth rate for 2019 was 4.86%, a 2.02% decline from 2018.”
          The IMF is a well-known beast. It demands that countries that come into their program take drastic (Austerity) measures in order to bring their economy back on stream. That’s why the playbook for Antigua was just like in Barbados to lend the government money to layoff thousands of Public Sector workers. The ABLP government led by Gaston Browne wanted none of that. Harold already had the plans ready to be implemented by the St. Lucian lady that worked for the World Bank and worked at one point from out of Harold’s office, Gale Archibald.
          https://www.linkedin.com/in/gale-archibald-28290b29/?originalSubdomain=lc
          They had a fancy name for the project. PSSTP
          https://www.worldbank.org/en/news/loans-credits/2013/06/05/antigua-barbuda-public-social-transformation-project
          When Minister Marshall found out what was going on she informed the Cabinet, and they sent Gale and the World Bank packing. Simple as that. We run our own affairs. We do not need the World Bank or IMF to tell us how to run the country. But the INEPT UPP could not do without them. They need their technical support, they call it.

        • https://www.imf.org/en/News/Articles/2018/10/01/pr181370-imf-exec-board-approves-us-290-million-ext-arr-under-ext-fund-facility-barbados
          IMF Executive Board Approves US$290 million Extended Arrangement Under the Extended Fund Facility for Barbados
          October 1, 2018
          The IMF supported program aims to help Barbados: restore debt sustainability, strengthen the external position, and improve growth prospects.
          Approval of the program allows for the immediate disbursement of about US$49 million immediately.
          A comprehensive debt restructuring will complement the fiscal consolidation. The authorities have identified parameters that would provide debt relief without jeopardizing financial stability.

          • @ From The Sideline

            Dispute the amount of interest saved by the UPP to Antiguans and justify the amount of interest put on the shoulders of the ordinary citizens by the ABLP government with THE EXHORBITANT INTEREST RATES CHARGED BY THE COMMERCIAL BANKS (circa 7-12%) vss 1% charged by the IMF………obviously YOU DO NOT UNDERSTAND BUSINESS.

      • @ Sidelines: We the people are going to vote their old arses out of Office.Thy have no forward thinkers and a lacking of vision.

  7. How come this government always end up in conflict or criminal activity? They just reckless and Gaston words are going to be his undoing. Time for Gaston to go!

  8. YES!YES!YES! A way de man money gone……..

    FSRC! Do your job and follow the money trail.

    Alphabet Boys. STEP UP!!!

  9. I wonder how Gaston Browne would feel if he was told that his millions were tied up in national development.

  10. There is no bank that can liquidate all the customers’ deposits immediately. Bank receive deposits and gives loans or place the money in certain securities. That is why when withdrawing large sums of money, the bank needs to be given enough notice. Having said that the bank needs to monitor their liquidity risk at all times. The what is scenario needs to be looked at. If e.g. a group of large depositors decides to simultaneously withdraw their monies, what will the liquidity risk be for the bank. Similar to when you have a run on the bank. When that happened to BOA the Central Bank had to step in with cash. The bank could not liquidate all its loans and security to pay the depositors. Eventually the bank stabilized. This brings us back to ABI Bank. There was no run on the bank. The Liquidity got worse because the government failed to honor its obligation and pay down overdraft when the bank needed it. Its day-to-day liquidity became a problem and the ECCB had to step in again. This situation was allowed to continue for over a year. Meanwhile the bank bled to death. The longer it was allowed to continue the bigger the problem became. And Harold Lovell as the Minister of Finance twiddled his thumbs. Not knowing what to do. Were it not for the swift action and the financial brilliance of Gaston Browne, many depositors of ABI Bank and staff would be crying now over the many thousands of dollars they lost. A disaster was averted. Without the people realizing it. One day they will open their eyes and understand what they have been saved from. And perhaps they will be grateful and show their gratitude. “Sir Gaston Alphonso Browne”. The next National Hero. History will absolve him.

    • If a PM of a country told me as a depositor that I could not withdraw my money because it is tied up in national development, I would take legal action. Why? If you visit Antigua and Barbuda does it look like a place that has national development is a priority? Any rational depositor would be outraged and concerned by such a reckless, cavalier statement from a head of state.

Comments are closed.