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At 4 PM today, the Global Bank of Commerce (GBC) and its CEO, Brian Stuart-Young, must provide written responses to over 100 questions from millionaire businessman Jack Stroll.
The Bank and Young are under pressure as they face a court order that requires Young to provide written responses to the questions.
The order, issued on February 23, 2024, demands Stuart-Young answer questions about his assets and the bank’s ability to repay its depositors under Civil Procedure Rule (CPR) 44.7.
The CEO has until today, to comply with the order, failing which he may face serious consequences.
The legal action against GBC and Stuart-Young was initiated by depositor Jack Stroll, who has been trying to withdraw his money from the offshore bank for quite some time now.
Prime Minister Gaston Browne criticized Stroll for being “greedy” and “politically motivated” for wanting to withdraw his millions from the bank.
Stroll took the matter to the High Court, where the judgment was made against the offshore bank and its CEO.
However, Stroll’s lawyers now accuse Stuart-Young of making a false statement to the court under oath about Global’s ability to repay since the bank has failed to fulfill its promise to repay its depositors.
As a result, Justice Rene Williams has ordered Stuart-Young to provide information on the bank’s various assets and indicate whether any assets held in the name of GBC or its subsidiaries have been transferred since Stroll’s initial request for withdrawal in December 2020.
Stuart-Young is also required to provide information on his and his wife’s finances and the specific ownership of their assets.
All responses must be filed with the Court by 4 p.m and should be sworn under oath.
Failure to provide all the requested documentation may result in the matter being referred back to the Court for oral examination of the judgment debtors – GBC and Stuart-Young – forthwith.
Pursuant to part 53 of the Civil Procedure Rules (CPR) 2023, the bank and its CEO have been placed on notice that if either fails to comply with the terms of the court order, proceedings may be commenced for contempt of court. Stuart-Young may also be liable to imprisonment or to have an order of sequestration made with respect to his property.
Stroll is also in contention with the Financial Regulatory Services Commission (FSRC), whose Chief Regulatory Officer is Paul Ashe. Ashe kept the bank fully operational despite depositors speculating that they had problems withdrawing their funds.
The newsroom has been flooded with questions regarding Ashe’s inaction in stopping the bank’s activities. Despite numerous attempts to reach out to Ashe, our team has been unsuccessful in getting a response.
In February 2022, Prime Minister Gaston Browne accused businessman Jack Stroll of breaking an agreement that would have protected the Global Bank of Commerce (GBC) and prevented a run on the bank.
Stroll’s decision to sue the bank publicly went against the agreement to ensure there would be no run on the bank, according to PM Browne.
He said a meeting was held with Stroll, who had deposited over $10 million in GBC, and he was informed that the government was willing to subordinate its deposits with the bank against Treasury Bills issued to Stroll to avert the type of public display now being exhibited by Stroll.
However, the prime minister said Stroll failed to keep his end of the bargain, and the Government opted to set off a portion of the bonds he holds against its deposits to reduce its liability.
Stroll took the matter to court, citing that the Government had not fulfilled its promise to redeem the Treasury instruments he held early.
When asked if parliamentary approval was obtained for the payment promised to Stroll, Browne confirmed that it was not necessary for this decision.
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