Cabinet meeting in Antigua and Barbuda (Photo by Office of the Prime Minister)
The Cabinet of Antigua and Barbuda has raised concerns over what it describes as “bureaucratic tactics” being used by stakeholders of the Eastern Caribbean Amalgamated Bank (ECAB) to block the conversion of the government’s 25% preference shares into ordinary equity shares.
And to this end, the Cabinet has strongly condemned these actions, characterizing them as intentional impediments that threaten to undermine the government’s rightful equity position within the bank.
When they met for their weekly briefing on Wednesday, they argued that this deliberate resistance serves as a strategy to maximize profits at the expense of the government’s ownership stake, effectively diluting its influence over time.
In a decisive move, the Cabinet has called on ECAB shareholders to halt their obstructive practices immediately and allow for the proper conversion of shares without any further delays. Cabinet officials have emphasized that they will not tolerate any continued resistance to this process.
Once the conversion is completed, the government plans to offer a portion of its newly acquired ordinary shares to the public.
This initiative according to notes from the Cabinet, aligns with the government’s commitment to fostering domestic economic empowerment and promoting broader citizen ownership of national resources.
In a firm closing statement, the Cabinet reaffirmed its determination to utilize all political and legal avenues necessary to safeguard and uphold the interests of the people of Antigua and Barbuda.
Because you could not get the hundred million dollars loan from the bank, you’re claiming that the bank is blocking you from conversion of the government’s 25% preference shares into ordinary equity shares. The greediness of you seeing the bank liquidity, you’re coming up with excuses that you and your cronies want to buy some of the government 25% shares . Your lies and bullying tactic you’re around with not going to work. You think anyone is afraid of you. You met your match with ECAB brilliant staff and management. They’re there to protect the financial assets of the people, including the government shares. ECAB is not Swiss American Bank.
The way Gaston always curses Ecab got me wondering if he has a personl beef with someone in that bank.
Hog wash your lying to the Nation again. 💯🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
YOUAND THE REST OF THE CABINET PIRATES NEED TO STEP DOWN. #NO CONFIDENCE.
It’s about time the government stood firm. These financial games only benefit a select few while the rest of us are left out. Giving the public a chance to own shares is a step in the right direction, let’s hope ECAB stops dragging its feet.
When politicians start using words like ‘all political and legal avenues,’ I get nervous. Let’s not turn this into a power struggle that damages the bank’s stability.
I can make neither heads nor tails of all this.. all I care to know is why ECAB account holders accounts go dormant after a year requiring us to have to provide every document plus a pint of blood just to reverse it. To me the accounts would not and should not be dormant if the bank were putting interest on it. Fix that. Please and thank you.
Hmmmmmm, could be a result of all the bashing that the Manager has to undergo.
But if the government wants to divest its shares it should have the right to do so. Then again my ECAB account have less than $100 so let me watch from the sidelines
The government must take all necessary steps to safeguard ECAB from any manipulative tactics that could jeopardize its operations or its ownership structure.