It has finally happened!
The Government of Grenada has obtained a Court Order placing Capital Bank International into receivership.
All 12 branches of the bank throughout the State of Grenada were taken over last Friday at around 4.00 p.m by the Financial Intelligence Unit (FIU) of the Royal Grenada Police Force (RGPF).
After months of public outcry by depositors about the safety of their funds at the local bank, the Keith Mitchell-led government finally acted.
It went to court about midday last Friday to obtain permission for a Receiver, David Holukoff to take over the operations of Capbank.
Holukoff is a Managing Director of Kroll Associates UK Limited (Grenada Branch). He is also the husband of attorney-at-law, Leslie-ann Seon, the former President of the Senate.
The Court Order has given the Receiver the authority to take over all of the bank's assets.
Capbank which is owned and operated by city businessman, Finton De Bourg featured prominently in the news in recent times when it allegedly failed to provide depositors with their funds when requested.
As soon as the bank closed its doors to the public on Friday, this newspaper saw several police officers under the command of FIU moving into the Grenville Street, St. George's Branch of the bank.
They took control of the bank and remained inside there late into the night.
The court ordered that Holukoff take exclusive custody, control and possession of all the funds, property, mail and other assets of the bank.
It also authorised the Receiver to open and maintain a separate bank account at the Grand Anse Branch of the Bank of Nova Scotia in his name as Receiver of the bank for all monies of the bank coming under his control.
Holukoff was given until February 25 to report to the court on the general status and affairs of the bank.
Several lawyers have complained that clients have been approaching them about not being able to access their funds held with the De Bourg-run bank that was granted a license to operate in the country by Prime Minister Mitchell.
