Government’s failure to honour Stroll’s T-Bills will muddy the country’s investment climate, Isaac says
The Government’s failure to redeem Treasury Bills issued to
businessman Jack Stroll could have negative implications on the
country’s financial sector and investment climate.
If Stroll is unable to redeem his US$10 million in Treasury Bills, says
D. Gisele Isaac, chairman of the United Progressive Party (UPP), this
would not augur well for future interest in the country’s T-Bills.
A Government Treasury Bill in the amount of US$10 million, and for
the period 2018-2028, issued to the Global Bank of Commerce as
collateral for a loan to the Government of Antigua and Barbuda and
subsequently committed to Stroll as collateral for the money Global
owes him.
According to court documents filed by Stroll, the Browne
Administration’s promise of early redemption of the Treasury Bill
did not materialize, and Stroll subsequently took the matter to court.
Prime Minister Gaston Browne retaliated by referring to the
businessman as greedy and politically motivated for wishing to
withdraw his funds – which Browne stated were tied up in national
development.
Isaac says that, no matter the length of time, the Government will
have to ensure that the depositor receives his money.
If the T-Bills are not honoured, she says, then no one will have
confidence in any Treasury Bills issued by the Government of
Antigua and Barbuda. And, according to her, this situation is leading
to a path of destruction.
Despite his protests that this matter is between Stroll and the bank
and does not involve the Government, Isaac says that Browne
cannot remove himself from this convoluted issue – particularly
since he has been the only one to speak on behalf of Global Bank.
No one representing the institution, including Chief Executive
Officer Brian Stuart-Young, has spoken publicly on the controversy.
Meanwhile, Isaac says she is very curious to learn in which national-
development projects Stroll’s money is tied up, based on PM
Browne’s explanations
According to Isaac, the Browne Administration is scaring off credible
investors since this is not the only matter in which the Global Bank
of Commerce has failed to fulfill its financial obligations.
She makes mention of the Steven Morgan Foundation hurricane-
relief donation of US$1 million to the people of Barbuda – which is
yet to reach them.
Again, like the Stroll case, no one from the bank has addressed the
issue. Only Prime Minister Browne has spoken on behalf of the
institution in which he claims the Government has no interest.
Now, Isaac alleges that Stroll is not the only person who has been
unable to get his money out of the Global Bank of Commerce.
That was D.Gisele Isaac, chairman of the United Progressive
Party, speaking on the Good Morning Sass Show.
