Following speculation, a couple weeks ago, 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 the 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 – a very local address, indeed – the company and these previous investments appear not to be known to locals.
As everybody is aware, Global Bank was put into Administration months ago (after a series of court hearings) and it was reported that the Administrator’s Report had been forwarded to the Financial Services Regulatory Commission (FSRC). Lo and behold, while the depositors were waiting to learn the contents, it was announced that the FSRC had given permission for recapitalization. No indication of who would be providing the funds, however, until the prime minister pretended to let the cat out of the bag.
Now, the research shows that this Group traditionally has not invested in tourism projects. But as it dips its toe into the warm, shallow waters of Long Bay, it says it will spend US$200 million in this “smart” resort project and complete it in 2028. Putting one and one and one together, thinking folks are asking whether The Ediacaran Group is related to Ocean Jewels and the still-elusive Sisi Liu. You’ll remember that – about a decade ago – this entity purchased an acre of Long Bay land from Gaston Andron Browne, reportedly for several million dollars in a “flip” transaction, plus two acres from the Crown for the grand peppercorn price of EC$240,000.
This has led logically to further questions: Like what is the Group’s connection to Xiao Jianhua/Fancy Bridge Ltd. You remember that outfit, don’t you? It holds 24% ownership in West Indies Oil Company (WIOC) and is alleged to be affiliated with Ocean Jewels. Well, in case you forgot, Jianhua was detained and subsequently imprisoned in China in 2022, convicted for financial offenses. And 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.” Now, thinking persons can’t help wondering whether The Ediacaran Group’s bailout of Global Bank is related to Prime Minister Browne’s latest declaration that the YIDA project – after 12 years of failure to thrive – will be investing “a further US$100 million” in the next 12 months.
You will recall that among the reasons Browne gave for YIDA's inability to complete its ambitious project was the investor’s difficulty in transferring money out of China. Accordingly, thinking persons are asking whether the recapitalized Global Bank will also be facilitating YIDA’s reported new investment. At a time when the United States has said and shown that it will not permit the rise of any interests that are inimical to its own in this region, I’m wondering how all this will play out in our foreign relations.
I’ve already put on the record my concerns about our correspondent banking system, given our dependence on US institutions, as well as our reliance on the USA as our main tourism market and source of imports. … We done know how the visa ting go – and we’re due for a review of our status by July 1, if I remember correctly. Will our eligibility be restored then? On what grounds: the acceptance of more refugees/deportees? And does anybody even know whether they’ve begun arriving?
But thinking persons tell me they have another concern, this one homegrown: According to the prime minister, the Antigua Labour Party has so much left over from its recent election campaign that it intends to invest the extra funds. He wasn’t precise about the nature of the investment, so it has led to speculation that his political party could be a shareholder in this Fort Road-based group's Long Bay resort. The thought isn’t far-fetched; but how would we ever know for sure? After all, we’ve never been told what happened to SHARE Inc’s “last” $100k (or was it $200k), which had been earmarked to renovate the Father of the Nation’s decrepit residence. Nor do we know what happened with the funds that recapitalized the “charity” in late 2017 and were intended for distribution that December, according to the principal. (I once asked Mr. Choksi, but he didn’t answer.)
And if We, the People, have been denied an explanation for what happened to $15 million of our own money, then there’s no chance of the FSRC, the Integrity Commission, the Information Commission, or the Electoral Commission telling us about Long Bay, either. Only God and time.
