AOB Still in Receivers’ Hands – Dr. Ashe

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Banking

Tuesday, 21 August 2012 02:30

By caribarena news

Antigua St. John’s - Two months after the Financial Services Regulatory Commission (FSRC) announced publicly that it had moved to liquidate the Antigua Offshore Bank (AOB), nothing has changed despite a 90-day timeline issued in April.

FSRC Supervisor of Banking Dr. Paul Ashe said the bank is still in the hands of the receivers who have not yet completed their assessment of the establishment and compiled a report.
 
He told Caribarena that until that report is submitted, no decision could be made on the way forward for the financial institution. And this includes whether or not the appointment of a liquidator would be necessary.
 
To date, Dr. Ashe said, the appointment of a liquidator has not even been considered.
 
“It is still at the receiver stage. A liquidator has not been appointed and it is not something that has been considered at this point.
 

“They are still doing the review and after they have submitted then we will review the recommendation and decisions made on the way forward,” he said.
 
The Antigua Offshore Bank went into receivership in April 2012, and in accordance with Section 287 of the International Business Corporation Act, Charles Walwyn and Kathy David were appointed as joint receivers.
 
The receivers were to submit a report to the FSRC within 90 days of their appointment on April 13, allowing for more information to be shared with stakeholders on the matter.
 
Dr. Ashe did not comment on the lapsed deadline.

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