Global Bank depositor says credit-card transactions being declined by CUB and challenges bank’s claim that it is solvent

Jack Stroll, the depositor who filed a lawsuit against the Global Bank
of Commerce (GBC) in 2023, for failure to honour its fiduciary
obligations, has fallen victim again: Purchases attempted with his
Caribbean Union Bank credit card – issued through Global, as a
shareholder – are being declined.

Over the Christmas season and up to now, routine purchases – one
for less than EC$100 – have been declined, and Stroll tells REAL
News this is a deliberate act by GBC, which has an obligation to fund
the card every month.

In several e-mails to Brian Stuart-Young, chairman and chief
executive officer of GBC, Stroll accuses that bank of failing to fund
the CUB credit card and alleges that this is because of the
institution’s insolvency.

In a communication sent on Tuesday, January 2, 2024, Stroll writes
to Stuart-Young: “Not a good start to the New Year. I have already
had two transactions declined on my CUB credit card that you are
supposed to be funding. One for $22.46 USD and the other one for
$37.24 USD.

“You are still deliberately not funding my card. I will write to you
every time this happens until you fix the problem,” an irate Stroll
says.

Last Thursday, December 28, Stroll wrote to the GBC chairman,
advising him that his card had been declined at a local supermarket,
and charging that, “once again you have failed to rectify the problem
with my credit card….”

Previous emails complaining of the same problem apparently had
gone unanswered, until, on Friday, December 29, Stuart-Young
replied to Stroll’s skepticism over the bank’s “good standing” status
with the Financial Services Regulatory Commission (FSRC). 

Stroll had challenged the claim posted on Global Bank’s website:
that the institution “maintains a solid capital base and undergoes an
annual third-party financial audit and AML/ATF audits.”

In this regard, the aggrieved depositor accused the bank of
“blatantly lying to the public,” adding that if, indeed, it “had a solid
capital base, I wouldn’t need to write this email.”

If, indeed, the regulatory agency has found Global Bank to be in good
standing, Stroll wrote to Stuart-Young, “then would you please
forward me a copy of the letter … from the FSRC… . Also, would you
provide me with the contact details for the individual responsible
for this in the FSRC so I can contact them directly.” 

In defense, Stuart-Young replied by Friday’s email, that GBC “has
never denied or attempted to deny its obligation to meet your
withdrawal demands. The Bank will have satisfied about 50% of the
withdrawal, and is committed to completing the balance as soon as
possible.”

The chairman continues: “Regarding your requested replacement
credit card issued by CUB, that you reported to GBC the current card
CHIP was not working, a replacement card was ordered through
CUB, and we are now awaiting its delivery to our Bank for you to
collect when received….”

Meanwhile, Stroll disputes Stuart-Young’s claim that 50 percent of
his withdrawal has been satisfied and tells REAL News the actual
percentage is lower.

It is now widely known that Stroll, in 2021, had attempted to
withdraw millions in United States currency from the international
bank. However, GBC was unable to service the transaction and the
matter was escalated to involve the minister of finance, Prime
Minister Gaston Browne.

Browne publicly castigated Stroll for his attempt to withdraw his
money, saying that his deposits had been tied up in areas of national
development, and accused him of being “greedy” and politically
motivated.

Browne said, further, that alternative offers had been made to Stroll,
including Treasury bills and a promissory note held by GBC on a
local hotel.

Stroll, however, took the matter to the High Court, where, he alleges,
GBC has been “abusing the Antigua judicial system … in order to
slow down the legal process.”

He also alleges that, at their last court date, Stuart-Young’s personal
attorney withdrew his counter claim 10 minutes after the hearing
began. Now, he is anxious to see whether the upcoming date of
January 26 will be honoured or whether Stuart-Young will again
claim that he is too sick to attend.

In the meantime, Stroll ended his December 28 correspondence
with a promise to the GBC chairman: “Brian, I am not going away
until I get every penny you owe me.”