In a letter addressed to Hon. Gaston Browne, the Prime Minister of Antigua and Barbuda, Hon. Kelvin Simon, Member of Parliament for St. Mary’s South, has expressed grave concerns about the financial stability of the Global Bank of Commerce and its potential impact on the citizens of the nation.
The letter highlights the plight of Mr. Jack Stroll, a resident of Jolly Harbour and a customer of the Global Bank of Commerce. Despite holding a substantial deposit in his name, Mr. Stroll has encountered difficulties in withdrawing his funds, even with a judgment from the Eastern Caribbean Supreme Court in his favor. The situation has prompted Hon. Kelvin Simon to seek urgent intervention from the Prime Minister, who also serves as the Minister of Finance.
“I am deeply concerned that despite several attempts to withdraw his funds, he has been unable to do so. He currently holds a judgement from the Eastern Caribbean Supreme Court in his favour but it appears that the institution is unable to meet this contractual obligation,” wrote Hon. Kelvin Simon.The MP went on to express alarm over the government’s continued allocation of funds from the National Development Fund of the Citizenship by Investment Programme (CIP) to the Global Bank of Commerce, despite the apparent financial challenges faced by the institution.
“It is inconceivable and utterly irresponsible that our government continues to funnel CIP funds into an institution that appears to be insolvent. This not only jeopardizes the integrity of our banking system but also poses a significant risk to the financial security of our citizens and the fiscal stability of Antigua and Barbuda,” he added.
Furthermore, Hon. Kelvin Simon raised questions about the Financial Services Regulatory Commission (FSRC) and its apparent inaction, citing the legal mandate that allows the commission to intervene, including the appointment of a receiver, in cases of insolvency.
“In light of the reputational damage suffered by the Nation as a result of the Stanford fiasco, I wonder whether we are witnessing a repeat of this unfortunate debacle,” expressed Hon. Kelvin Simon.
The MP urged Prime Minister Gaston Browne to address the matter transparently and with accountability to safeguard the nation’s fiscal integrity, reputation, and the financial security of its citizens.
