By Gemma Handy
The boss of the country’s oldest international bank is set to face court next month to answer questions regarding a Canadian businessman’s battle to retrieve millions of dollars of his money.
Brian Stuart-Young, CEO of Global Bank of Commerce, is expected to be in for a grilling when he appears in the dock on February 23.
The hearing is the next stage in Jolly Harbour resident Jack Stroll’s fight to access US$10 million from the embattled institution.
Stroll previously told Observer he became concerned about the bank’s financial stability after other high-profile Global clients apparently reported difficulty acquiring their funds. He has been trying to withdraw his money – which he wanted to wire to his native Canada – for more than three years.
Due to the size of the sum – and to navigate a liquidity issue – the bank previously gave Stroll two government Treasury bills collectively worth US$13.5 million as security.
Treasury bills are commonly used by governments worldwide when they need money. In this case, Global had loaned the Antigua and Barbuda government money in return for the bills, which in turn would have earned Global a healthy percentage in interest.
The bills were passed to Stroll as collateral and a payment schedule was agreed between Stroll and Global.
Legal documents which Observer has seen list dates between January and May last year upon which Global was to repay Stroll more than US$9 million in five tranches. However, the bank defaulted on those payments, hence the case heading to court.
While Global has paid Stroll some of his money, the bulk of it remains outstanding.
In a separate case, Stroll is also suing Attorney General Steadroy Benjamin as the Crown’s representative for breach of contract in relation to one of the Treasury bills worth US$10 million.
Stuart-Young has declined to comment on the matter, but Prime Minister Gaston Browne has previously used his Saturday radio show to defend him.
“Brian Stuart-Young is not a crook. Brian Stuart-Young is a decent man,” he said.
Browne claimed Global’s inability to move money was due to limited deposits coming in, coupled with a large number of withdrawals by clients, further reducing the bank’s liquidity.
The PM accused Stroll of acting out of spite and trying to bankrupt Global by attempting to withdraw such a large sum.
“The man is trying to withdraw all his money at once. Now if Brian gave him all the bank’s money he can’t service other depositors,” Browne said.
The PM has also repeatedly accused opposition elements of politicising the issue.
His comments invoked a vociferous response from Stroll yesterday.
“Why is Gaston Browne threatening me? All I want is my money,” he told Observer. “This is not political; I’m not interested in the politics at all, I don’t care about that. He’s the one that’s created this problem with the politicians.
“And why is he protecting Brian Stuart-Young?” Stroll added.
Stroll, along with various commentators on the subject, has repeatedly questioned the role of the Financial Services Regulatory Commission (FSRC) in the matter – and why the bank is still open and receiving citizenship by investment funds.
Stroll has also taken issue with the PM’s assertion that he bears no responsibility in the matter.
“If Gaston Browne says he’s not responsible for the governance of the bank as Minister of Finance – and for the regulatory body FSRC – then perhaps he would like to tell me who is,” Stroll stormed.
Global’s website states that it is regulated by the FSRC, which oversees all international banks in the country.
The FSRC has not issued a public statement but a spokesman told Observer that the body carries out regular on-site and offsite reviews of all of the financial institutions under its remit.
