Source: Observer News
The Eastern Caribbean Central Bank (ECCB) has relinquished control of the Eastern Caribbean Amalgamated Bank (ECAB), formerly Bank of Antigua after more than two years.
The ECCB intervened in February 2009 after a run on the indigenous bank by depositors threatened its stability and that of the entire Eastern Caribbean Currency Union.
The central bank said at that time it had taken the step after “an unusual and substantial withdrawal of funds.”
This came on the heels of the indictment of former owner Allen Stanford who is accused of masterminding a seven billion US dollar Ponzi scheme.
Some of the Bank’s assets were used by the Eastern Caribbean Amalgamated Bank (ECAB) which began operating in October 2010.
ECAB comprises five of the largest regional banks across the currency union.
In a notice in Saturday’s Daily OBSERVER newspaper, ECCB Deputy Governor Trevor Brathwaite stated that it had relinquished control of the bank effective November 11, 2011.
The statement read: “The Central Bank shall relinquish control of the Bank and shall not continue to carry on the business of the bank where it has sold or otherwise disposed of the property, assets and undertakings of the Bank.”
The official said this indicates a successful transition from the troubled entity to ECAB.
It was further stated that a receiver would continue to manage and liquidate the remaining assets and liabilities of Bank of Antigua.
So have the net assets of the bank been returned to the rightful owners ~ The SIB creditors ~ Or is it still under control of whatever Antiguan Government thief got to it first?
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