Antigua Cabinet Calls On The Attorney General To Consider Moving Against Former Directors of ABI Bank

The Cabinet has agreed to have the Attorney General consider moving against the former directors of the ABI Bank in civil and criminal cases, depending on the evidence uncovered. The directors’ actions led to the collapse of the Bank in 2012, its takeover by the Eastern Caribbean Central Bank, and the intervention by the Government after June 2014 to save depositors’ money. More than $300 million dollars have had to be committed by the new administration to bring a solution to the banking crisis, which was averted in 2015. The Cabinet is of the view that several properties were acquired by funds that were transferred unlawfully—or without meaningful security—to the ABIB’s directors; those properties ought now to be forfeited and sold, to reduce the Government’s liability. The Cabinet would in due course authorize a forensic team to examine the records and to make recommendations


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