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  • LETTER: Concern and disbelief regarding the PM’s statements, particularly his denial of governmental responsibility and regulatory authority over GBC

LETTER: Concern and disbelief regarding the PM’s statements, particularly his denial of governmental responsibility and regulatory authority over GBC

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I am compelled to voice my deep concern and disbelief regarding Prime Minister Gaston Browne’s statements about the Global Bank of Commerce (GBC) situation and Antiguan citizen Jack Stroll’s predicament.

The focus here isn’t on the financial woes of a super-wealthy individual like Stroll—frankly, his personal financial situation is of little concern to anyone. The real issue at hand is the alarming nature of the Prime Minister’s response to this debacle.

Prime Minister Browne’s forceful denial of any governmental responsibility or regulatory authority over GBC, coupled with his apparent disconnection from the bank’s operations, is not only troubling but borders on the absurd.

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It begs the question: How can a Prime Minister deny regulatory authority over a bank that is explicitly licensed and regulated by the Antigua Financial Services Regulatory Commission, an entity under the purview of the Minister of Finance, a position held by none other than Browne himself? This is a publicly acknowledged fact, clearly stated on the commission’s official website.

Adding to the gravity of the situation, the Antigua Observer recently reported that a $1 million donation intended for Barbuda’s hurricane relief was trapped in GBC due to its financial troubles. This incident not only highlights the bank’s instability but also the direct impact on crucial humanitarian efforts in the nation.

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Moreover, it has been widely reported that government funds, specifically those from the Citizenship by Investment program, are being deposited in GBC. This raises significant concerns about the safety and proper management of these critical national funds, further questioning the government’s judgement in banking decisions.

The parallels to the government’s approach during the FTX fiasco are unnerving. In that situation, identical denials of oversight by Gaston Browne himself preceded the collapse of the cryptocurrency exchange. The critique by John J. Ray III, the CEO dealing with the FTX collapse, was scathing, describing the debacle as “unprecedented” with a “complete failure of corporate controls and absence of trustworthy financial information.” Notably, FTX and nearly a hundred subsidiaries were incorporated in Antigua. Arthur Thomas, a close associate of the Prime Minister and the only other director aside from the convicted felon Sam Bankman-Fried, had to resign as Chairman of Caribbean Union Bank due to his involvement with FTX—a position he took over from Brian Stuart-Young, the current chairman of GBC. This interconnection raises not just alarming questions about the government’s oversight of financial entities and its commitment to regulatory transparency, but much bigger concerns.

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The Prime Minister’s stance, labeling Stroll’s expectations as “unconscionable and wicked,” and attempting to downplay this as a mere private dispute, is not just a simple deflection. It appears to be a concerted effort in disinformation. The issue transcends Stroll’s wealth or his ability to recover his funds or even just one financial institution. It’s about the accountability of the government, the transparency of its financial institutions, and most crucially, the impact on the nation of Antigua and Barbuda.

Do the Prime Minister and his administration really think that the people of Antigua and Barbuda will accept these dismissals without question? The consistent pattern of denial and evasion in the face of financial irregularities is too conspicuous to overlook. The citizens of Antigua and Barbuda are owed clear answers and transparent governance, especially regarding financial oversight. It is imperative that the Prime Minister acknowledges the government’s role in these regulatory bodies, assumes responsibility for overseeing the nation’s financial institutions, and provides clarity on the handling of Antiguan and Barbudan public funds.

Joseph Stevens

Аdvеrtіѕе wіth thе most visited news site in Antigua and Barbuda ~ Wе оffеr fullу сuѕtоmіzаblе аnd flехіblе dіgіtаl mаrkеtіng расkаgеѕ. Yоur соntеnt іѕ dеlіvеrеd іnѕtаntlу tо thоuѕаndѕ оf uѕеrѕ іn Antigua аnd аbrоаd via our One Signal push notifications! Соntасt uѕ аt [email protected].

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REQUEST FOR EXPRESSIONS OF INTEREST

(CONSULTING SERVICES – INDIVIDUAL SELECTION)

 

OECS MSME Guarantee Facility Project

Loan No.: IDA-62670, IDA-62660, IDA-62640, IBRD-88830, IDA-62650

Assignment Title: Senior Operating Officer (SOO)

Reference No. KN-ECPCGC-207852-CS-INDV

 

The Governments of Antigua and Barbuda, Commonwealth of Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines have received financing in the amount of US$10 million equivalent from the World Bank towards the cost of establishing a partial credit guarantee scheme, and they intend to apply part of the proceeds to payments for goods, and consulting services to be procured under this project. 

The consultant will serve as the “Senior Operating Officer (SOO)” for the ECPCGC and should possess extensive knowledge of MSME lending with some direct experience lending to Micro, small and medium-sized businesses, knowledge of the internal control processes necessary for a lending operation and the ability to design and implement risk mitigation procedures. The ideal candidate should possess an Undergraduate Degree from a reputable college or university, preferably in Business, Accounting, Banking or related field, with a minimum of 5 years’ experience in lending, inclusive of MSME lending. The initial employment period will be for two years on a contractual basis. Renewal of the contract will be subject to a performance evaluation at the end of the contractual period. The assignment is expected to begin on September 30th, 2021.  The consultant will report directly to the Chief Executive Officer of the ECPCGC.

The detailed Terms of Reference (TOR) for the assignment can be viewed by following the attached link below. 

 

https://bit.ly/3iVannm

 

The Eastern Caribbean Partial Credit Guarantee Corporation (ECPCGC) now invites eligible “Consultants” to indicate their interest in providing the Services. Interested Consultants should provide information demonstrating that they have:

  • An Undergraduate Degree from a reputable college or university, preferably in Business, Finance, Banking or related field; and
  • Minimum of 5 years’ experience in MSME lending. Applicants should also have:
  • The ability to design and implement risk management procedures 
  • Extensive knowledge of MSME lending with some direct experience lending to small and medium-sized businesses
  • Extensive knowledge of MSME banking operations
  • Knowledge of the internal controls necessary for a lending operation and the ability to design and implement risk management procedures
  • Experience developing and presenting information in public, including responding to questions in real-time
  • Experience lending to MSMEs located in the ECCU
  • Knowledge of marketing and communicating with the MSME sector
  • Ability to draft procedures to be used in a lending operation
  • Familiarity with the mechanics of a loan guarantee program
  • Exceptional written, oral, interpersonal, and presentation skills, and
  • Proficiency in the use of Microsoft Office suite.

The attention of interested Individual Consultants is drawn to Section III, Paragraphs 3.14, 3.16, and 3.17 of the World Bank’s Procurement Regulations for IPF Borrowers July 2016, [revised November 2017] (“Procurement Regulations”), setting forth the World Bank’s policy on conflict of interest. A Consultant will be selected in accordance with the Approved Selection Method for Individual Consultants set out in the clause 7.34 of the World Bank Procurement Regulations for IPF Borrowers. 

 

Further information can be obtained at the address below during office hours 0800 to 1700 hours:

Eastern Caribbean Partial Credit Guarantee Corporation

Brid Rock, Basseterre,

St. Kitts.

Expressions of interest must be delivered in a written form by e-mail by August 11th, 2021, to [email protected]

 

For further information, please contact:

Carmen Gomez-Trigg                                                            Bernard Thomas

Chief Executive Officer                                                          Chief Financial Officer

Tel: 868-620-8144                                                                  Tel: 869-765-2385

Email: [email protected]                                          [email protected]