BOI Bank complies with a $US2.5 million court order while implications for FSRC weighs in the balance

The BOI Bank has reportedly adhered to a court ruling and deposited $US2.5 million into an interest-bearing account until a legal matter concerning a depositor’s account is finalized.

That confirmation from Attorney Lawrence Daniels, who represented a client of the BOI Bank who was having trouble retrieving his funds from the financial institution over years.

“We should be having a hearing soon. I can’t tell you exactly when because as you know my building got burnt down so everything has to be reorganized,” Daniels said.

In an order seen as a victory for the depositor recently, the court in St Johns ruled that BOI Bank, within 72 hours, place $US2.5 million into an interest-bearing account until the determination of the matter

The man reported that he had tried without success to withdraw his deposit from BOI Bank, which has a branch in Antigua, but to no avail. He then sought the services of Attorney Lawrence Daniels who took the matter to court

“There was compliance to the order of the court order and I can confirm that the money has been placed into the account,” he explained.

Apart from the BOI Bank, Daniel is also taking legal action against FSRC whose Chief Regulatory Officer is Paul Ashe

The reason why the FSRC was named in the lawsuit according to reports was primarily that the financial regulatory body apparently kept renewing the license of the BOI Bank amidst speculations from depositors that they were having problems withdrawing their funds.

The reputed lawyer said he had written numerous times to Chief Regulatory Officer Paul Ashe asking to take action without getting any response.

“When we go back to court, we will make a proper determination where the FSC is concerned,” Daniels said.

BOI Bank Corporation has been operating in Antigua and Barbuda since 1991.