INFORMATION REGARDING AN EXTREMELY LARGE SUSPICIOUS LOAN FROM A TINY SAINT LUCIA BANK RAISES QUESTIONS ABOUT THE COUNTRY'S ROGUE OFFSHORE INDUSTRY

Apparently, the American financial media's concerns over the ongoing offshore banking scandal in NEVIS, concerning Hamilton Reserve Bank Ltd. and the Bank of New Innovation Ltd;, has focused attention on Caribbean offshore banking in general. Recent media reports concerning an extremely small offshore bank in the Eastern Caribbean state of SAINT LUCIA, ALTER BANK LTD.*, have drawn our attention to what appears to be the totally unregulated and supervised offshore banking industry in that jurisdiction.

According to published reports, Alter Bank, which has a capitalization of only USD$4m, made a loan of $290m to Mexico's second largest media conglomerate, one that is currently embroiled in major litigation with A major American bank. Where did the money for this extraordinary loan come from, and was it real? See The Bank of New York Mellon v. TV Azteca, S.A.B. de C.V. et al, 1:2022cv08164 (S.D.N.Y.)

Who is watching the store regarding financial regulation and oversight in troubled Saint Lucia? Anyone?

___________________________________________________

* Formerly known as STATE TRUST BANK & TRUST LTD.