PM discloses Asian company's investment in Global Bank; observers ask about links to Fancy Bridge and YIDA

Following speculation that the recapitalization of Global Bank of Commerce would come from Chinese sources, Prime Minister Gaston Browne finally has confirmed it – even while admitting it might have been a secret.

During the launch of what is reported to become the high-end Long Bay Zen Resort on Thursday, May 28, Browne said the investors, the Ediacaran Group, have already sunk “tens of millions” into the embattled offshore bank.

According to research, “The Ediacaran Group began in gaming and data analytics before North American expansion brought it to Antigua, where it has invested across multiple industries for a decade.”

But even though its headquarters are reported as Warner Road, Fort Road Area, St. John's, the company appears not to be known to locals.

The embattled Global Bank was put into Administration months ago and then given permission by the Financial Services Regulatory Commission (FSRC) for recapitalization – although stakeholders claim the Administrator’s Report was never shared with them.

Now, observers are asking whether the bailing out of the bank is related to Prime Minister Browne’s recent announcement that the YIDA project – after 12 years of failure to thrive – will be investing “a further US$100” in the next 12 months.

Among the reasons Browne has given for YIDA's failure to complete its ambitious project since 2014 is that the investor was having difficulty transferring money out of China.  Accordingly, some residents are asking whether Global Bank will now be facilitating YIDA’s reported new investment.

Further, observers are asking whether The Ediacaran Group is related to Ocean Jewels and the elusive Sisi Liu, who – almost a decade ago – purchased an acre of Long Bay land from Gaston Andron Browne, reportedly for several million dollars in a “flip” transaction, and two acres from the Crown for EC$240,000.

Questions are also being asked about the Group’s connection to Xiao Jianhua/Fancy Bridge Ltd., which holds 24% ownership in West Indies Oil Company (WIOC), and is alleged to be associated  with Ocean Jewels.

Jianhua was detained and subsequently imprisoned in China in 2022, convicted for financial offenses.

According to research, Fancy Bridge Limited is alleged to have been “used as a vehicle to channel millions of dollars in corporate investments and loans into various companies globally.”

The Ediacaran Group has not traditionally invested in tourism projects, but is said to be spending US$200 million in the Long Bay project, to be completed in 2028.