Antigua and Barbuda
Interim FSRC Boss Appointed
- Details
- Banking
- Monday, 31 August 2009 14:44
- By caribarena news
Caribarena exclusive- Finance Minister Harold Lovell said former general manager of the Turks and Caicos Islands International Bank, John Benjamin, is occupying the position as interim boss of the Financial Services and Regulatory Commission (FSRC).
The bank was an affiliate of the Antigua Barbuda Investment Bank. In June, the US indicted former head of the FSRC, Leroy King, for his alleged involvement in wilfully and knowingly facilitating what they claim was a Ponzi scheme perpetrated by ex-businessman, Sir R Allen Stanford, through his Antigua-based Stanford International Bank (SIB).
Efforts to have the position occupied for an interim period were thwarted when, after being appointed by Cabinet, Everett Christian decided to decline the position as interim boss after utterances of concerns over his spouse’s employment with an offshore bank and concerns over a possible “conflict of interest” began to surface.
To avoid any further damage to the already scarred reputation of the FSRC, Christian declined the position stating, “The last thing Antigua and Barbuda needs at this time is another controversy, real or contrived, regarding the CEO of its offshore regulatory body”.
Although Benjamin is to occupy the position until January 2, 2010, Lovell told Caribarena they will continue to advertise the position of CEO. He added, “Mr Benjamin will not be precluded from applying and we do expect he will most probably apply.”
A review of all candidates will be done later in the year, and a permanent CEO of the FSRC will be known on or immediately after January 2, 2010.
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