Stroll contradicts ‘correspondent bank’ excuse and chides Stuart-Young over timing of China trip
Global Bank of Commerce depositor Jack Stroll is contradicting claims that the offshore bank’s inability to process a donation to the Barbuda Council, in 2017, was due to “financial difficulties” it was facing with its correspondent bank.
In an email to Global’s chief executive officer, Brian Stuart-Young, Stroll reminds him that “you were able to move money for me at the exact same time.”
It is worth noting that the claim of trouble with Global’s correspondent bank was made by the minister of finance, Prime Minister Gaston Browne, in an attempt to explain why – more than six years after it was deposited – a US$1 million charitable contribution for post- Hurricane Irma recovery was still “stuck” in the bank.
However, Stuart-Young has never contradicted Browne’s justification for Global Bank’s failure to transfer the money – which reportedly was placed with that institution specifically on Browne’s instruction.
Accordingly, Stroll is rapping Stuart-Young’s knuckles for the CEO’s role in this debacle.
“Aside from other investors like me, you have also failed to pass on charity money from an account at GBC destined for the good people of Barbuda to rebuild their lives,” Stroll writes.
“Remarkably, this money appears to have gone missing and your excuse was trouble with your [correspondent] banks…. You should be ashamed of yourself. How do you sleep at night?” he asks.
Further, the frustrated Stroll – who has sued Stuart-Young over his inability to withdraw funds from Global Bank – believes that the bank executive’s recent trip to China – in his capacity as the non-resident ambassador – was ill timed.
“Why you would choose to go away for a week when your bank is collapsing around you is beyond me. You need to get your priorities in order,” Stroll urges Stuart-Young.
Stroll also believes the bank official used the China trip to avoid showing up for his January 26 High Court date.
“… It’s strange that I knew you were going to run away to Beijing before you were forced to admit this to the court,” Stroll says.
However, he advises Stuart-Young that his absence has not derailed the matter. “As you were able to … arrange to be away for your last court date of January 26th 2024, we now have a new date, which is Friday, February 23rd 2024, and you have been specifically instructed to appear in person and not via Zoom,” Stroll’s email states.
It ends: “What excuse are you going to try and use this time?”
Meanwhile, Global’s high-net-worth client reminds Stuart-Young that he has not yet received the Financial Services Regulatory Commission (FSRC) Certificate of Good Standing that he requested some time ago.
“Obviously, you don’t have one or you would have sent me a copy as requested and posted it online,” Stroll charges.
“I find it difficult to believe the FSRC [is] allowing your bank to continue operating without money available to your depositors. Anywhere else in the world this would be considered a criminal offence. So how is this possible?” the beleaguered depositor asks.
He continues: “I would also like you to furnish me with a copy of your audited annual financial accounts. As with all other companies, this should be a matter of public record, so this shouldn’t be a problem for you. I am happy to come to your office or your home to collect it.”
Stroll – whose deposits with Global Bank were approximately US$14 million – has been unable to withdraw his money in full for some time now; and PM Browne’s promised intervention – by way of the early redemption of the Treasury Bills Stroll holds, – did not materialize in 2023.
Accordingly, Stroll has accused the bank of operating while insolvent and the FSRC of failing to step in and place Global into receivership, as required by law.
