Judge Carlos Cameron Michel of the Eastern Caribbean Supreme Court, in the High Court of Justice has placed the Global Bank of Commerce, in legal default for failure to pay depositors.
That order was made on November 9, 2022, and took effect today Saturday.
In the November 9, 2022 High Court order, by Agreement GBC was required to make good on its commitment to pay a depositor over USD$10 million.
This order was breached, which requires the FSRC to step in and cause a Receiver to be appointed to insure the protection of the depositor’s funds.
Under the terms of the court order, both Global Bank of Commerce and CEO and Chairman, Mr. Brain Stewart-Young, personally, in his capacity, are responsible for the debt.
Brian Stewart-Young resigned as Chairman of the Antiguan Government-owned Caribbean Union Bank last year, only to be replaced by Arthur Thomas, who was then forced to resign amid his role in the global FTX scandal.
Read the court judgment below: