JAN 10

Five former officers, directors or promoters of the First International Bank of Grenada (FIBG) have been criminally indicted in the United States. A leading U.S. Publication identified the five as Gilbert Allen Ziegler, a.k.a. Van Arthur Brink; Douglas C. Ferguson, Laurent E. Barnabe, a.k.a. Larry Barnabe; Rita L. Regale and Robert J. Skirving.

According to the report, the five face multiple counts of mail fraud, wire fraud, conspiracy and money laundering at federal court in Portland, Oregon. Barnabe, Regale and Skirving were arrested Tuesday (January 6, 2004) in the United States. Ziegler, who is believed to be in Uganda, and Ferguson have not yet been arrested.

A second superseding indictment was brought by a Grand Jury on October 27, 2003 but was sealed until (Tuesday) so the U. S. authorities could make arrests.
FIBG went into liquidation in Grenada in January, 2001 - two years after being exposed as a fraud by the Miami-based Offshore Alert publication.

Total losses to victims are believed to be in excess of US$150 million. The bank was given permission by the Keith Mitchell-led New National Party (NNP) government to operate in Grenada despite doubts cast on its assets by former Director-General of Finances, Lauriston Wilson (JR).

Some of the alleged stolen funds from depositors of First Bank were reportedly used by Mitchell's NNP to finance its 15-0 victory over the opposition in the 1999 general election.

After the election, Dr. Mitchell wrote David Rowe, another controversial offshore banker who has since been indicted for fraud and money laundering in the United States, thanking him for the contribution made to campaign '99.