WATCH: Embattled GBC Bank Negotiating Bailout Proposal

Finance Minister and Prime Minister Gaston Browne says the Global Bank of Commerce is currently in negotiations for a bailout proposal.

The bank has faced significant controversy due to its failure to meet its financial obligations to depositors.

Browne stated on Saturday that efforts are underway to restructure the bank

Listen to what PM Browne said

Canadian businessman who obtained Antiguan citizenship by investment Jack Stroll has taken legal action against the Global Bank of Commerce and the Government of Antigua and Barbuda, alleging that the government failed to honor its commitment to redeem a US$10 million Treasury Bill.

Stroll filed the lawsuit at the Eastern Caribbean High Court.

The lawsuit demands that the government fulfill its promise to redeem the Treasury Bill or compensate Stroll with US$10 million for breach of contract.

This legal action is the latest development in Stroll’s efforts to recover deposits from the Global Bank of Commerce and Brian Stewart-Young.

All this comes as Stroll had indicated that the Financial Services Regulatory Commission FSRC could be added to the ongoing lawsuit as, according to him, their lack of intervention and the potential liabilities that it could cause for Antigua and Barbuda.

The FSRC whose Chief Regulatory Officer is Paul Ashe is the regulatory body that was established to prevent such issues in the country’s banking sector.

The FSRC’s alleged inaction has sparked widespread apprehension regarding its efficacy and the potential impact it may have on the nation’s overall financial well-being.

This situation has also brought attention to the FSRC and its role in overseeing the consistency of the offshore banking industry.