Prime Minister Gaston Browne Clarifies CIU Funds Situation with Global Bank of Commerce

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Prime Minister Gaston Browne Clarifies CIU Funds Situation with Global Bank of Commerce in Response to Opposition Questions

Prime Minister Gaston Browne responded to opposition questions last week regarding the Citizenship by Investment Unit (CIU) funds in the Global Bank of Commerce.

In his statement to the parliament, Browne provided insights into the situation:

“We never said that we withdrew any funds from Global Bank of Commerce. What we said is that we no longer bank CIP funds with the Global Bank of Commerce,” Browne clarified, addressing misconceptions about fund withdrawals.

He further elaborated on the CIU’s banking arrangements, stating, “The CIU unit had bank accounts with at least three banks. The receipts have now been banked at the two remaining domestic banks, and we are trying our best to manage our exposure.”

Regarding the funds deposited in the Global Bank of Commerce, Browne explained, “A portion of it was utilized at one point to secure a loan for APUA. Then there was another portion of a few million dollars in which we had this escrow agreement with PV Energy to provide some batteries. They’re primarily escrow accounts for specific purposes.”

When questioned about the remaining funds in the Global Bank of Commerce related to the CIU, Browne provided specific figures, stating, “Between the funds that we had used to secure the loan for APUA, which incidentally was the Lazarenco monies, and another $5 million in escrow for the PV Energy batteries, we’re looking at a total of about 12 to 13 million US dollars.”

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5 COMMENTS

  1. Gaston Browne: I heard you say in the past.Your Administration withdrew CIP FUNDS FROM GLOBAL BANK of Commerce ACCOUNT to pay Civil SERVANTS.

  2. The Prime Minister admits he is monitoring Antigua exposure with Global Bank. of Commerce. When one uses the word “exposure” it refers to how much is at risk.

    So, the CIU Funds were withdrawn and deposited elsewhere. An admittance that those funds were at risk.

    The GOAB funds remaining in Global are to cover escrows and loan guarantees. Hope those funds have not followed the path of Stroll’s money.

    Time for the UPP opposition to ask what is the status of those funds.

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  3. Kooyah, but wait?! Did Gaston Browne release the documentation/paperwork at last for transparency?

    Or ah chat he still ah chat?

    Bwoi, if he’s still the answer, then Antiguans still don’t know the question. Mercy!

    However, one might be wrong, might one 😉

    • Paper what? Is there anything such as paperwork for the Opposition and the public to examine.

      Gerald Watt will soon rule that looking at paperwork is not allowed. The paperwork is whatsoever Gaston says.

      There is a saying, that I do not adhere too, which says: “Antiguans don’t read”
      Transparency is what’s broadcast on Pointe Radio. Documentation is on Facebook

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