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Grenada government to reimburse small account holders of failed bank
Published on March 20, 2014 Email To Friend    Print Version

ST GEORGE’S, Grenada (GIS) -- Small account holders who lost their money when Capital Bank collapsed are to be reimbursed by the Grenada government.

The government said it will make the payments to persons who had, at most, $500 dollars deposited.

Permanent secretary in the ministry of finance, Timothy Antoine, said 4,000 cheques amounting to $500,000 are ready to be handed out.

“All the cheques are ready; there are close to 4,000 cheques. We have to work out the logistics of distribution,” Antoine said during Tuesday’s post cabinet news briefing.

“Frankly, our thinking is to try and [distribute the cheques] in the middle of the month rather than at the end of the month because we do have issues. We are hoping to use the District Revenue Offices or the SEED Offices in the various parishes,” he explaned.

Antoine said the cheques, which are to be distributed over a seven-day period, were delayed while officials sought to finalise the logistics.

“We don’t want to do it at the end of the month, competing with public assistance and pensioners and so on, we have to work out [an appropriate] time,” the permanent secretary said.

“The truth is, we were hoping to do it last week but we were a little behind schedule in planning the logistics with the receivers so the plan is to do it around the middle of the month when we are not clashing.”
 
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Comments:

Grenadianclass:

Keith Mitchell NNP administration allowed Finton Debourg to operate Cap Bank as an illegal business outside the control of the ECCB

Cap Bank was a part of the NNP syndicate. CHESTER. Humphrey spoke about during the 1995 -2008 rule of that regime. This Cap Bank was closely affiliated with the NNP and it is allege that monies from this Bank were used to finance many of the NNP political campaigns.

It is not surprising that this NNP administration lead by the same Keith Mitchel is now using taxpayers monies to refund small depositors of Cap Bank. How cN the NNP government use state funds to bail out a private company. This is illegal . .

The NNP is doing this for mere political reasons however Grenadians demand that thiese monies be returned to the national treasury.

Keith Mitchell has no regard for the monies of the GrenadiN Taxpayers. He sat in the nation's parliament for years as a US citizens receiving monies illegally

He provided his family members with taxpayers monies tin the call center fiasco and not a cent has been repaid to the treasury.

Now he is once again using taxpayers monies to bail out Cap Bank. The assets of Cap Bank should be confiscated and sold to obtain fine necessary fund to pay the depositors. There is a three story building in Grand Anse that can be confiscated and sold off.

That's what the US justice system did to Bernie Mardoff and Stanford. They are now serving life in prison for thieving people monies.

Is the NNP administration afraid to confiscate Cap BNk assets because their benefited from this scam.? Are they afraid that the owner of the failed bank will exposed high ranking officials of the NNP including the political leader .

Some body is hiding something in the Cap Bank issue. The legal process is been deliberately stall to protect high officials .

For GIS to make PR of this vexing Cap Bank issue demonstrates the level of which CORRUPTION is accepted within the Grenadian society. GIS should be ashame of itself. . The GIS team are all political activist of the NNP and so they are singing for their supper.

For government to us $ 500000 of taxpayers monies to pay Cap Bank depositors , there must be a major hidden agenda in this.

One day the people of Grenada shall know the truth . Those who steal public funds will have to repay. . The Cap Bank scam will one day be exposed and those who did wrong shall be brought to justice. Justice may be slow , but there will eventually be justice.

Age won't determine who will and who will not fCe the full force of the law. What will determine this is whether one is guilty or innocent.

It's is totally wrong for this NNP administration , which allowed Cap Bank to operate illegally in the first place to use taxpayers monies to bail out cap bank depositors. Keith Mitchell and the NNP should know that these are publicize funds that should be used to provide health care ,, education , social services , infrastructural development and jobs to the people . These funds are not to be used to bail out a businessman.


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