EASTERN CARIBBEAN CENTRAL BANK POSTS ADMINISTRATOR TO RUN SAINT LUCIA FICS; FINANCIAL MISCONDUCT OR LINKS TO CIP?

In a recent public announcement, the Eastern Caribbean Central Bank (ECCB), the financial regulator for the region, has named NIGUEL STREETE, a career financial professional, as Official Administrator of FINANCIAL INVESTMENT AND CONSULTANCY SERVICES, of Saint Lucia. FICS is a family-owned non-bank financial institution (NBFI) that serves the Saint Lucia public, and has been under the control of the Theophilus family since its formation in 1992.

While the ECCB, unlike American regulators, has been accused of being non-transparent and opaque in it operation, this action on its part would not have been authorized by its leadership unless there was a serious reason, or financial misconduct, and risk to its depositors is the primary reason the ECCB would take such radical action. The current ownership of the FICS is believed to be held by LORNE THEOPHILUS, a lawyer who has served as the head of the country's Citizenship by investment Board (CIU), and who has come under fire for the CIP's close relationship with passport vendor CARIBBEAN GALAXY GROUP, amid allegations of fraud, money laundering and corruption. 

Although his current status at the CIU remains a mystery, his supervision of the agency, alleged role in corruption, and potential exposure to criminal charges, may be the reason the ECCB has inserted an outside administrator at FICS. We plan on initiating a further investigation into FICS finances, and will report back to our readers forthwith.