The BOI Bank and the FSRC could face several lawsuits in the coming weeks as a number of depositors are reportedly coming forward with claims that they are having trouble recovering their funds from the financial institution for many years

In an order seen as a victory for a depositor recently, the court in St Johns ruled that BOI Bank, within 72 hours, place $US2.5 million into an interest-bearing account until the determination of the matter

The man reported that he had tried without success to withdraw his deposit from BOI Bank, which has a branch in Antigua, but to no avail. He then sought the services of Attorney Lawrence Daniels who took the matter to court

Attorney Lawrence Daniels, who represented the client confirmed then, that the BOI Bank had complied with the ruling and the money was in fact deposited

However, BOI Bank could be facing other lawsuits. Sources close to the matter said several new clients have come forward and are seeking legal advice to recover their funds. They have sought legal advice from Daniels and other attorneys in Antigua and Barbuda.

“I cannot say too much on the matter. I can only tell you that a number of people have come forward seeking legal advice on how to get their money back,” a lawyer who did not wish to be named

The pending matter is expected to be back to the court in September but Daniel is also taking legal action against FSRC whose Chief Regulatory Officer is Paul Ashe

The reason why the FSRC was named in the lawsuit according to reports was primarily that the financial regulatory body apparently kept renewing the license of the BOI Bank amidst speculations from depositors that they were having problems withdrawing their funds.

BOI Bank Corporation has been operating in Antigua and Barbuda since 1991.