The Financial Services Regulatory Commission (FSRC) has formally placed Global Bank of Commerce Limited under administration, marking a major development in one of Antigua and Barbuda’s longest-running and most controversial banking sagas. Antigua.news was the first to report a few weeks ago that the bank was going into administration.

In a public notice dated November 10, 2025, Acting Chief Executive Officer of the FSRC, Paul Ashe, announced the appointment of Kathy David of Grant Thornton as the official administrator of the bank’s operations, property, and assets.

The decision was made under Section 104 of the International Banking Act 2016, which empowers the Commission to intervene when a licensed financial institution is deemed to be in distress or unable to meet its obligations.

A Troubled History
Global Bank of Commerce, once hailed as the “pioneer of international banking in Antigua and Barbuda,” has been mired in controversy and financial challenges for years.

The bank, under the leadership of Brian Stuart-Young, was recently removed from the FSRC’s official list of licensed international banks, a move that signaled deepening concerns about its financial health and regulatory compliance.

Brian Stuart-Young

Despite repeated red flags, the FSRC had continued to renew the bank’s license for several years, even as clients complained about difficulties accessing their funds.

Industry observers have long questioned the regulator’s oversight, with some suggesting that Global Bank’s close ties to local business and political circles may have contributed to a reluctance to act sooner.

Global Bank’s troubles became even more public in recent years when Canadian investor Jack Stroll took the bank and Young to court, alleging that millions of dollars in his deposits were withheld without justification. The case drew international attention and further damaged the reputation of Antigua and Barbuda’s offshore banking sector, already under scrutiny from global financial watchdogs.

Stroll’s legal battle with the bank stretched on for years, raising questions about liquidity, corporate governance, and the bank’s ability to meet its obligations to depositors. The case highlighted growing concerns about the institution’s overall viability and the effectiveness of the country’s regulatory framework.

Administrator Takes Charge
With the FSRC’s latest action, Grant Thornton’s Kathy David now assumes full control of the bank’s operations, replacing the board of directors. The administrator is expected to assess the bank’s financial position, protect the remaining assets, and determine the most appropriate course of action; whether restructuring, sale, or liquidation.

The FSRC emphasized that the administrator will have “all the powers, duties, and liabilities” previously vested in the directors of the bank, acting as agents of Global Bank of Commerce.

A Blow to Confidence
The collapse of Global Bank of Commerce into administration marks a sobering moment for Antigua and Barbuda’s financial sector, particularly its offshore banking industry, which has struggled to rebuild credibility since the fallout from the Allen Stanford scandal over a decade ago.

While the FSRC insists it remains committed to “upholding the highest standards of fairness, professionalism, and integrity,” critics say the delay in intervening raises serious concerns about the regulator’s responsiveness and transparency.

As the administrator begins her work, clients and creditors of Global Bank of Commerce, both local and international, are now anxiously waiting to learn whether any of their funds can be recovered, and what the future holds for one of the island’s most controversial financial institutions.