Simon calls on PM Browne and the FSRC to intervene in the matter between Stroll and seemingly insolvent Global Bank

MP Kelvin “Shugy” Simon is rallying with one of his constituents,
Jack Stroll, and has asked Prime Minister Gaston Browne to
intervene in the matter involving Stroll and the Global Bank of
Commerce (GBC).

In a January 18 letter to Browne, Simon shares his concerns with
Browne – who is also the minister of finance – noting that Stroll is
unable to withdraw funds from the bank “which holds a substantial
deposit in his name.”

In early 2023, Stroll – a citizen of Antigua and Barbuda and resident
of Jolly Harbour – filed lawsuits against the Global Bank of
Commerce and its chief executive officer, Brian Stuart-Young. These
actions followed his inability to withdraw millions – in United States
and British currency – he had deposited with GBC.

Simon reminds Browne that Stroll “currently holds a judgement
from the Eastern Caribbean Supreme Court in his favour;” and yet,
he writes, “it appears that the institution is unable to meet this
contractual obligation.”

Of late, Stroll’s credit card – issued by the Caribbean Union Bank at
the request of GBC – was being declined, even for small charges,
worsening the relationship between Global and its “high net worth
client.”

MP Simon tells PM Browne that the situation is further alarming
given that “the Government … continues to allocate funds from the
National Development Fund of the Citizenship by Investment
Programme (CIP) to the Global Bank of Commerce despite its
evident and unsustainable difficulties.”

The St. Mary’s South representative charges that it is “utterly
irresponsible that our government continues to funnel CIP funds
into an institution that appears to be insolvent.”

He fears that “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.”

Accordingly, Simon takes to task the Financial Services Regulatory
Commission (FSRC), asking why it has not intervened in the
situation. “The law is clear,” the MP writes; “the FSRC is mandated to
take steps which may include the appointment of a receiver if a bank
is insolvent.”

Referencing the Allen Stanford banking debacle, Simon also tells
Prime Minister Browne that he hopes the GBC situation will not
become a repeat of that unfortunate example and cause the National
further reputational damage.

He closes his letter by urging the finance minister “to pursue this
matter with full transparency and accountability in order to
safeguard the Nation’s fiscal integrity, reputation and [the] financial
security of our people.”

Meanwhile, Prime Minister Browne has been forced to issue a public
explanation for the failure of Global Bank to remit a deposit of US$1
million that was intended to assist Barbuda in rebuilding after
Hurricane Irma in 2017.

Browne confirms that the donation, from a British philanthropist
with a home on Jumby Bay, was not transferred “due to financial
difficulties the bank was experiencing.”