Global Bank Commerce Refutes Claims That It Owes Investor $10 Million

Global Bank of Commerce (GBC) has issued a statement strongly refuting claims that it owes investor Jack Stroll $10 million, clarifying that the outstanding balance is less than $350,000 – just 5% of the court-ordered value.

The bank’s response comes after High Court Judge Rene Williams warned GBC’s Chief Executive Officer Brian Stuart-Young during a tense four-hour hearing last Friday that he would face 21 days in prison if payment is not made by May 19, 2025.

According to GBC’s statement, Stroll has already received the full value of his original USD deposit with agreed interest. The bank claims records provided to the court show Stroll deposited under $11 million and has to date withdrawn more than $19 million.

“Any assertion that the Bank has failed to make payments or owes Mr. Stroll US$10 million is utterly false and deliberately malicious,” the statement reads.

The legal dispute between GBC and Stroll dates back to 2020, resulting in a 2022 ruling that held both the bank and Stuart-Young personally liable. At Friday’s hearing, Judge Williams ordered Stuart-Young to pay an additional EC $3,000 in court costs for “wasting the court’s time.”

GBC attributes its previous silence on the matter to a court-issued confidentiality order, which it claims to have fully respected. The bank alleges that other parties “exploited the Bank’s silence to peddle misinformation and sensationalism to harm the Bank, its staff and the international banking sector.”

Established in 1983 as Antigua and Barbuda’s first licensed international bank, GBC emphasized that it has kept the Financial Services Regulatory Commission (FSRC) of Antigua and Barbuda “fully informed of all developments at every stage of these proceedings.”

See press release below: