Prime Minister Gaston Browne Clarifies CIU Funds Situation with Global Bank of Commerce

The content originally appeared on: Antigua News Room

Prime Minister Gaston Browne Clarifies CIU Funds Situation with Global Bank of Commerce in Response to Opposition Questions

Prime Minister Gaston Browne responded to opposition questions last week regarding the Citizenship by Investment Unit (CIU) funds in the Global Bank of Commerce.

In his statement to the parliament, Browne provided insights into the situation:

“We never said that we withdrew any funds from Global Bank of Commerce. What we said is that we no longer bank CIP funds with the Global Bank of Commerce,” Browne clarified, addressing misconceptions about fund withdrawals.

He further elaborated on the CIU’s banking arrangements, stating, “The CIU unit had bank accounts with at least three banks. The receipts have now been banked at the two remaining domestic banks, and we are trying our best to manage our exposure.”

Regarding the funds deposited in the Global Bank of Commerce, Browne explained, “A portion of it was utilized at one point to secure a loan for APUA. Then there was another portion of a few million dollars in which we had this escrow agreement with PV Energy to provide some batteries. They’re primarily escrow accounts for specific purposes.”

When questioned about the remaining funds in the Global Bank of Commerce related to the CIU, Browne provided specific figures, stating, “Between the funds that we had used to secure the loan for APUA, which incidentally was the Lazarenco monies, and another $5 million in escrow for the PV Energy batteries, we’re looking at a total of about 12 to 13 million US dollars.”


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