Reports from Antigua and Barbuda suggest that the FSRC or the Financial Regulatory Commission, headed by Paul Ashe, is at the center of a legal battle following allegations that it renewed the contract of the BOI Bank, despite knowing that the financial institution was under public scrutiny
The lawsuit was filed by attorney Lawrence Daniels, on behalf of a Venezuelan national who deposited US$2.5 million into the bank and was having trouble withdrawing his money.
Last week, the court in St Johns ruled in favour of the Venezuela depositor, ordering the BOI Bank to refund the client.
The man reported that he had tried to withdraw his deposit from BOI Bank, which has a branch in Antigua, but to no avail. He then sought the services of Attorney Lawrence Daniels who took the matter to court.
Apart from the BOI Bank, Daniel also took legal action against FSRC saying that on several occasions he contacted the FSRC on behalf of his client but they refused to reply.
The attorney said it was only after the FSRC was named in the legal matter, that they responded.
Daniel stated on the radio Monday evening that the consequences for the FSRC could be grave if the funds cannot be repaid to the client.
“If the bank is unable to produce the funds, then clearly the FSRC would have failed and there could be serious consequences. The FSRC is responsible for renewing the license of these banks and therefore they are responsible for ensuring that the persons who are operating under the license operate with a measure of integrity,” he added.
BOI Bank Corporation has been operating in Antigua and Barbuda since 1991.
When billionaires choose to come to these tiny, impoverished jurisdictions to live and operate their businesses that should raise red flags. History had shown us this.
These people are usually fugitives of the law hiding from law enforcement in their country. They think that our authorities don’t have the capability of detecting their criminal engagements as we lack the requisite resources to do so.
These people should be viewed with strong suspicion.
This scenario isn’t surprising to me as there is a pattern of incompetence in the region where by unqualified lackeys who support rulling political parties are rewarded by being given positions they aren’t capable of performing efficiently. The ruling cabal in Dominca with it’s finger in every pie gets it’s way to borrow unchecked from the NBD so it won’t be any surprise if a similar scenario unfolds in the country. In the midst of water the fool is thirsty.
We have foxes guarding the hen house. Antigua, at present, is in a serious financial mess. Government cannot pay their civil servants and pensioners on time. Many governmental departments have taken industrial actions for money owed to them by a laughable ‘ economic power house’ according to the grossly incompetent, braggadocious, Hitler- loving, grotesque-disheveled mustache, tyrannical ruler.
Be prudent as to which country in these parts you invest your hard earned resources as some countries and financial institutions are unstable.