Are European Depositors Prevented From Collecting Choice Bank Monies?

There are reports of concerns raised by former customers of Choice Bank Limited who live in Europe.  There are claims that those depositors, notwithstanding the liquidation of the bank assets, are being prevented from recovering monies owed to them.  When asked about following today’s press conference, PM Barrow admitted that he was unaware of the claims, but that the bank’s liquidator Kareem Michael has to decide on how the winding down process will work for all depositors.

Dean Barrow

Prime Minister Dean Barrow

“There can be no question of Choice Bank saying we will not entertain requests on the part of depositors for the return of their money.  The bank is in liquidation, so all that is now a matter for the liquidator, he has to determine how to wind up this thing and at the end of the process, just as with AIBL, there will be a determination of what kind of recovery depositors will be able to in fact obtain.  How many cents on the dollar.  It is more likely than not, it is a certainty that nobody’s going to get back one hundred percent on deposits, but as to exactly where the process is, I really have no clue as to the details and what’s currently taking place. What is happening, Choice Bank is in liquidation because of the action of the Central Bank.  Remember they went to court to sue me [and] I had to give the directive for the license to be suspended or canceled and for the Central Bank to move.  We did so because we were acting on a prudential basis.  Why on earth should we have to worry about anything.  We moved in the way regulatory authorities who are acting properly ought to move.”