By Latrishka Thomas
After lengthy arguments from council representing the Global Bank of Commerce, and a businessman, a judge decided to take a different approach to questioning the bank’s CEO with regards to the institution’s financial stability.
Brian Stuart-Young, CEO of Global Bank of Commerce – the country’s oldest international bank – was to answer questions related to the Canadian businessman Jack Stroll’s efforts to recover millions of dollars from his account at the bank.
However, Craig Christopher, representing the CEO, argued for the examination to be conducted in chambers, or with the media and others excused from the courtroom.
Stroll has been battling to access US$10 million from the bank for over three years. Legal documents revealed that Global Bank of Commerce defaulted on payments owed to Stroll between January and May last year.
Christopher raised concerns about confidentiality, citing potential media misuse of sensitive information, which could harm the bank’s reputation and erode public confidence.
In response, Leslie Thomas KC, representing Stroll, argued for the preservation of open justice and public interest, suggesting that a closed session could set a dangerous precedent.
He recommended that the media be restricted from publishing certain information.
After deliberation, Justice Rene Williams decided that an oral examination would prolong the legal process, as the CEO may need to consult records to answer questions.
Thomas was instructed to submit his questions by March 1, with answers to be provided by the bank within two weeks.
Stroll’s team will then have 21 days to declare further questions, if necessary.
Any hearing thereafter will be overseen by the Deputy Registrar, the Judge stated.
Global Bank of Commerce has also been ordered to cover Stroll’s court costs – totalling over $40,000 – from the last two court hearings, within seven days.
