Antigua and Barbuda

Partly Cloudy
82°F
High: 82°F
Low: 77°F
 

ABI Shareholders Take A Stand

ABI BuildingAntigua St. John's - ABI Holdings investors voted on Tuesday to remove the board of directors, during a shareholder-requisitioned Annual General Meeting (AGM).

The dismissed board was comprised of Deputy Governor General and owner of Francis Trading Sir Eustace Francis KCN, OD; Bradley Lewis, owner of Lics Limited and South Coast Horizon; Michael Pigott, chairman of Tranquility Bay; Irving Edwards, owner and managing director of Kennedy’s Hardware; Astron Jarvis, chairman of Jolly Beach Resort; and APUA Chairman and Managing Director of Caribseas Ltd Clarvis Joseph,

The newly appointed board comprises Evelyn Sheppard, Eugene Abbott, Diane Camacho, Tony Hadeed, Philbert Mason, McAlister Abbott, and Jacqueline Walwyn.

The Eastern Caribbean Central Bank (ECCB) took control of the ABI bank in July 2011, after the institution was unable to meet statutory and other obligations. In making the announcement, Prime Minister Baldwin Spencer appealed to the nation for patience, faith, and support as the government works along with the ECCB to help resolve the issues involved.



“The Government of Antigua and Barbuda, the Monetary Council and the Central Bank have been closely monitoring the situation," Spencer announced in a national address. The bank remains under the control of the ECCB.

The ABI Group of Companies also includes ABI Development, ABI Insurance, ABI Trust, and Antigua Overseas Bank. April 2012 saw the Antigua Overseas Bank placed in receivership, with the appointment of Charles Walwyn and Kathy David as joint receiver managers. This move was in accordance with Section 287 of the International Business Corporation Act.

At that time, Dr Paul Ashe, supervisor of International Banks and Trust Corporations at the Financial Services Regulatory Commission (FSRC), noted that “a full report will be submitted to the Commission within 90 days...”
Almost a year later, Antigua Overseas Bank continues to operate under receiver management.

Hits: 8488

17 Comments In This Article   

HEADER   

private

#17 silvia andrea » 2013-05-20 20:15

increible que no respeten los lapsos de tiempo que ofrecen, por lo menos en los pagos de las tarjetas de credito que simplemente no dan informacion
0
0
+
−

silvia andrea

credit cards

#16 silvia andrea » 2013-03-18 18:36

what about credit cards payments no answer????????? ??????
0
0
+
−

silvia andrea

CREDIT CARD

#15 SILVIA ANDREA » 2013-02-25 21:36

IS THIS ANOTHER STANDFORD??????
0
0
+
−

SILVIA ANDREA

It's a family affair #2

#14 Observer.. » 2013-02-22 01:47

Cause no one wants the bad loans. That of the government included. This way they will still have a bank and have additional investment in it. But they can at least look to getting back their return on investment in the future. The bank itself if run properly will comeback. The depositors have proven to be very loyal. So any rescue plan should include the shareholders having first right of refusal. Any shortfall can then be made up with new shareholders. That’s free advice to you guys and girls. Fight for your rights. Don’t let Dwight just huff it up. Give him and Lovell all the legal challenge possible. It’s worth it. If you don’t stop them they will do it with ACB next. And you know CUB will fall soon to.
3
2
+
−

Observer..

It's a family affair #1

#13 Observer.. » 2013-02-22 01:46

Bloggers don’t' really get involve in family squabble, cause when they had the good times rolling they were all laughing and drinking and having great fun, with great bonuses. Now it’s all personal vendettas. In-laws and cousins and what have you. Just stay out of it. Baldwin, Lovell and Dwight already huffed up the most important assets. ABIB and AOB. The rest apart from the insurance is full of debt. Holding is just holding debt strict assets, like Jolly Beach, Tranquility Bay. I believe Wetherill might be worth something in the future if they can develop it with the CIP. Some lands I believe at Friar Hill Road as well. But I guess ABIB will first huff it all up when the loans becomes delinquent. What the ABIB shareholders should do is to force the Government and Dwight to give them back the bank and re-capitalize it. Rather than to sell it to The Bank of St. Lucia (ECAB) for next to nothing.
2
2
+
−

Observer..

RE: ABI Shareholders Take A Stand

#12 labourite » 2013-02-21 23:32

clarvis joseph again?why these ppl are on all kindda boards...are they the only brains in the upp or it just happen that Antigua has only one set of board....maybe just the ply board...no sideboard, teak,bambooo... chupz
3
1
+
−

labourite

truth

#11 jasper » 2013-02-21 20:59

If you look down the list and back into most of these peoples past business history including the pompous dep governer Mackie made them all! However, it is difficult to see what certain members of the new board can contribute to the groups present situation and clearly Mackie will be in the driving seat again!
1
2
+
−

jasper

Local Owners!

#10 John French II » 2013-02-21 17:09

Notes From A Native Son Of The Rock! CountryWomen/Me n, don't let the swiftness of the hand deceive the eye. These are all local owners/sharehol ders. Just a shifting of the deck chairs as the ship tacks from Port To Starboard.
Be reminded that GoAB infused ABIB with $40.0M for which they received a most severe Caning & Detention - funds have been withheld - from the IMF.
The Lady Senator, former Chair & Legal Beagle, sings a good song, always votes with her adopted class interests is safely in charge of the Bosun's Whistle on the Bridge.
Rastas, The ImF has listed two critical issues, ABIB & Social Security! Forget all the dissonace from the Scientist, Chairs & other deckhands.
Ah who Run Tings? The WB's, IMF & IFC which is housed in the Good Hon. Dr. PM's Office. On Fiscal Adjustment, The IMF's Mr. Wayne Mitchell, based at the EECB, keeping an ever watchful eagle's eye on ABIB, has submitted recommendations for reforms which are also necessary to strengthen the finances of the Socail Security Scheme (10% and 65yrs). On Structural Reform, WB & their Norh Atlantics' Consultants are working with the Negroes to build Capacity.
Oh Gad!Pray Fuh Mi Picknees!
0
1
+
−

John French II

Wiser

#9 The healer » 2013-02-21 14:51

Jimmy


Depositors received updates from PWC that the report were submitted to the FSRC. The FRSC extended the appointment of PWC
1
0
+
−

The healer

RE: ABI Shareholders Take A Stand

#8 UNITED STATES » 2013-02-21 13:55

I have a few cents in that bank.I was told last year year that my cents were protected by the ECCB.One of the concerns I have is that some people in Antigua are on every board known to man.It is no wonder that some of those boards are poorly managed.The members are stretched too thin.I hope this new so called board come in with new ideas.
5
0
+
−

UNITED STATES

RE: ABI Shareholders Take A Stand

#7 Sad But True » 2013-02-21 13:26

One time I went into the bank, the lady who sits at the front desk was trying to convince me to open an account with ABI. Thankfully I just gave a quick smile and said maybe another time. That time will NEVER come. I have no faith in this bank and its operations.
4
4
+
−

Sad But True

Salad Dressing.

#6 Observer 2 » 2013-02-21 12:47

I would like to know what stance have they taken when the individual at the center of the banks down fall who ran the bank as though he was the sole directer and only share holder has been appointed to the board alone with his brother. I am very bemused that those individuals would accept such an appointment with that individual who was the problem in the first place. What do they really expect to fix? Just give me a break.
7
0
+
−

Observer 2

RE: ABI Shareholders Take A Stand

#5 Truth Be Told » 2013-02-21 09:43

wait! Ah so much tings Clarvis Joseph inna? apparently Belteshazzar like to be in tings :D :lol: The handwriting is on the wall. Now for you to be fired from APUA! :-*
10
3
+
−

Truth Be Told

Log overdue

#4 Me » 2013-02-21 08:14

This is long overdue,,,, the old board was just that,,,, most everyone over the hill,,,,, old boys who just don't want to let go
15
2
+
−

Me

@ Ashe

#3 Jimmy » 2013-02-21 08:04

Ninety days - and counting? How embar**ing!
8
1
+
−

Jimmy

RE: ABI Shareholders Take A Stand

#2 Cool Ruler » 2013-02-21 07:54

these same persons were a part of board for a long time which also included the lady senator. i am somewhat superise that Mackie was appointed to the new board as he was part of the team that along with those individuals presided over the state the bank is in today. oh well, they did have some good years
9
3
+
−

Cool Ruler

Chuuuuptz

#1 Tel Aviv » 2013-02-21 02:52

Which shareholders? Take a stand against what? For what ? this whole thing is a mess! In the meantime the intellectuals in St.Kitts seems at a lost... can't handle simple staff matters ...... they figure the staff are cry cry babies... PWC minting money hand over fist..I wonder how they are getting paid? and will be rewarded with more work shortly for their excellent work with AOB...and the government and people of Antigua will be asked to bend over without even a glass of wine or a few roses! Some accountability Please!
6
5
+
−

Tel Aviv

Add comment

Spotlight on Opinon

Previous Next
Homophopia – Jordan’s Story
As a member of the LGBT community, Jordan has endured many verbal and physical attacks...  Read more

Search Directory


Directory Listings


Legacy Gift Shoppe

  Gifts are a wonderful part of life's celebrations, good to receive and even better to give. At Legacy Gift Shoppe, we offer a wide range of Gifts ...

Category: Gifts


Mings Lumber & Hardware

We make your plans a reality. Our friendly staff are happy to see you. Our hours are: Weekdays from 7:00 am to 5:00 pm Sundays from 7:00 am to 2:00 ...


Find us on Twitter!