Stroll complains to Global Bank of Commerce officials that credit-card transactions linked to his account are being declined again
The Global Bank of Commerce’s liquidity challenges appear not to be abating,
as embattled depositor Jack Stroll continues to have his credit-card purchases
declined.
As recently as today, June 14, Stroll complained to officials of the bank that he
had experienced the embarrassment of having a small transaction declined on
Wednesday, June 12. He noted that, despite making the bank aware of the
situation that same day, he has had no response, to date, and has concluded
that the officials do not care.
However, he reminds them, “I am still a client of the bank until I get every
penny you owe me.”
Stroll’s credit card – as he explained months ago – was issued by the
Caribbean Union Bank, but is linked to his accounts at Global, and is to be
topped up to a certain amount on a weekly basis.
Only two weeks ago, Minister of Finance Gaston Browne admitted that the
offshore banking sector is in serious trouble, with several institutions likely to
go under. This is because de-risking by their correspondent banks has
created challenges, he explained, since they are unable to move money into
accounts held with them.
Stroll has been trying, for years now, to withdraw funds that include a U$10
million deposit – which, Browne said, the bank had invested in national
development. The Government subsequently failed to redeem that amount in
bonds it had issued to Stroll, and the matter was taken before the courts.
Months ago, Browne had reported to Parliament that a prospective buyer for
Global Bank was being considered. However, since certain questions were
asked about the identity of the investor and whether he was wanted by the
Government of China for fraud, there has been no further mention of the buy-
out.
Meanwhile, both Stroll and observers of this saga continue to wonder why the
Financial Services Regulatory Authority (FSRC) has not stepped in, as required
by law, to address the situation.
