Dundee Merchant Bank, a subsidiary of Canada's Dundee corporation, has been closed for more than a year, and it may have been quietly shuttered for a longer period. Though media announcements have stated that the was "in Liquidation, " such an action has neither been advertised, as required by law, nor has any court-ordered liquidation ever been filed or taken. This has been verified by independent investigations, conducted in Grand Cayman. Any such claims about liquidation are totally bogus.
Though some individuals affiliated with the bank, when queried, have given some vague story about Dundee Corp. handling this mysterious liquidation, it has never occurred in the Cayman Islands, where it must occur. So why did a financial institution deceive the investing public ? Was it insolvent, and unable to refund client money to its depositors ?
In that case, why not take whatever money is left, and leave everyone believing that the $450m, which was supposed to be in the bank, was all transferred out, when in truth and in fact, a large portion of its deposits had already ben stolen by the Cayman Gang of Four*. After all, Dundee Bank President, Derek Buntain, and Senior Vice President, Sharon Lexa Lamb, were the ranking officers. Let the public think that the $450m thought to be properly on deposit had all been taken, when the truth may have been that much of it was already missing.
Perhaps the Ontario Provincial Police could look up Derek Buntain and ask him; he is living, not in his Prince Edward Island home, but in Ontario, at the home of one of his sons. Forget about asking Sharon Lexa Lamb, for she is locked up tight in a house, somewhere in Grand Cayman, worrying about when she will get the proverbial knock on the door, with an arrest warrant. Or should we ask Dundee Corporation, which has been busy, in recent years, selling off its assets and subsidiaries.
Our last question: where, o where, is the Cayman Islands Monetary Authority CIMA, in all this; Isn't it supposed to be supervising financial institutions with Cayman licenses. Should not a licensed bank be open to the public, at the very least to give its depositors access to their accounts, e wonder. Are there any financial gatekeepers worthy of the name on duty in the Caymans ?
* the other two Gang members are Ryan Bateman and Fernando Motto Mendes.