Global Bank of Commerce denounces ‘false claims’ over civil case

Global Bank of Commerce is denouncing recent claims made in another media house that they are not complying with recent court orders in a civil case involving Jack Stroll.

In the article, it alleged that Brian Stuart-Young, the CEO of Global Bank of Commerce fell short of paying depositor Jack Stroll over US$300,000 or just over EC$900,000.

The payment was a court order made in the High Court to pay Stroll by May 16 or risk being sent to prison.

However, according to the article “just over EC$870,000 of the outstanding amount was deposited directly into Stroll’s Caribbean Union Bank (CUB) account”.

But the bank in its release, referred to this report “as simply false”.

“Declarations or allusions to the contrary are simply false.

“The Bank wishes to take this opportunity to point out that it has never been contacted by any media outlet to verify any information before publication with regard to this case and condemns any false and misleading information disseminated to the public. The Bank reminds the various media outlets of their responsibility to maintain integrity in journalism, especially as the matter is still within the jurisdiction of the Court.,” the press statement said.

According to past reports, Stuart-Young narrowly avoided jail time on an earlier occasion after he failed to make a court-ordered payment to a longtime investor.

The High Court had imposed a 21-day suspended prison sentence on the Global Bank of Commerce CEO for his continued failure to comply with a 2022 ruling in favour of the Canadian investor.

The High Court found the non-payment was deliberate, but delayed committal after a last-minute partial payment at that time.

Stuart-Young also faces an order to satisfy additional payments totalling £1.65 million by September.