Sources with reliable contacts inside the Government of Antigua have reported that Scotiabank, in its written reply to Antigua Prime Minister Gaston Browne's public statement that his nation must first approve any sale of the bank's local branch facility, has denied that Antigua has any right of approval over the sale to Republic Bank, of Trinidad & Tobago. Scotiabank has stated that only Canada, where it is domiciled, and Trinidad, where Republic is located, have jurisdiction.
|FSRC Director Leroy King and his mentor, Allen Stanford, Ponzi schemer|
Browne has alleged that the Antigua Financial Services Regulatory Commission must give its approval. Antigua's FSRC, which was formerly led by its fugitive former CEO, Leroy King*, who is wanted in the United States for his primary role in the Stanford International Bank Ponzi scheme, and which has demonstrated its complete inability to act as a trustworthy regulatory agency, is totally unqualified to pass on any sale of a financial entity. In any event, it has no jurisdiction, according to the communication PM Browne received, which the Government of Antigua curiouly will not release to the media or the public.
Browne is seeking to have a local bank, or local investors, purchase the Scotiabank Antigua branch, but the fact is that neither of these solutions is low-risk, given that Source of Funds of a local purchaser will be impossible to determine, even if the bank was interested, which it is not, as it has secured a regional bank with a outstanding international reputation.
|PM Gaston Browne|
If Antigua blocks the orderly sale of Scotiabank's local banking facility, it will simply close it, and disburse to its depositors, but all the jobs local residents held in the bank will disappear, and Antigua has already lost a number of major foreign employers when they also moved out of Antigua, and shuttered their local offices. Perhaps PM Browne might want to consider this loss of a significant employer when he persists with this legally unattainable demand.
* Leroy King and the staff of the Antigua Financial Services Regulatory Commission repeatedly deceived the US Securities & Exchange Commission and US law enforcement agencies, when they sought information about Stanford International bank and Allen Stanford, which cost the FSRC its credibility as a regulatory agency; it is still regarded as corrupt.