FSRC On Top Of Global Bank of Commerce Issues

The content originally appeared on: Antigua News Room
FSRC HQ

The FSRC is investigating issues involving the Global Bank of Commerce and depositor Jack Stroll, according to Prime Minister Gaston Browne.

The bank is struggling to meet its financial obligations, prompting legal action. Browne emphasized that the FSRC is the legal regulator of the banking sector and he cannot interfere with its responsibilities.

Local residents are calling for the FSRC to address its inaction on troubled banks. Opposition groups are demanding the removal of the FSRC’s board, alleging incompetence. Browne disclosed that the Citizenship by Investment Programme no longer uses Global Bank for processing funds.

He also mentioned an issue involving a $1 million deposit by Steve Morgan for Barbuda relief, which remains in the bank due to banking difficulties. Efforts to retrieve the money have failed, despite attempts by Browne and others to resolve the matter with Morgan.

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