One of Grenada’s most outspoken Attorney’s on the Capital Bank issue, Anselm Clouden, calls on the authority to provide answers to the many questions now asked by persons who deposited heavily in Capital Bank over the years and are now finding if difficult to recover their monies.
Addressing members of the media last Friday, Clouden said he speaks on behalf of some ten depositors who accumulatively would have deposited over three million dollars in the bank and are now left with little hope of recovering same.
Clouden said he found it rather strange that, having had certain directives from the Judge, neither the Receiver nor those in authority have come forward to let the public know what the finding after the first ten days was.
The lawyer said he found the operation to be highly secretive and demands answers from those in authority.
It seem clear, Clouden said, that having failed in his duty to secure the interest on depositors’ funds, the Minister has once again failed to address the nation letting them know what is the status of Capital Bank in so far as it relates to finding the source of their monies.
Clouden said although the Court had initially given ten days to the Receiver wherein he ought to have delivered a seal-written report to the Court, no one to-date is saying anything.
Given the fact that there is also a sixty day period wherein the Court must decide whether to wind up the operation of the Bank or appoint a Liquidator, it is important that someone come forward and let people in on what is happening with the bank.
In addition, Clouden said, given their experience over the years with the closure of Offshore Banks, very rarely does depositors recover their monies and in many cases lots of those monies that liquidators sort to find are themselves eaten up by the liquidators themselves in large fees charged for their work.
Whether that would be the case in Grenada, Clouden said, the people of Grenada must be told up front who is paying those expenses.
Clouden said the clients he represents want to know where would that remuneration to pay the Receiver be coming from. He is further suggesting that a lid be put on the Receiver’s remuneration so that he cannot exceed that cap for fear that if those monies aught to come from the depositor’s funds, then the depositors may not get one cent.
The entire affair, Clouden said, needs to be addressed by the Minister of Finance since it is he who was responsible for getting them there in the first place.
