Wednesday, November 25, 2009

Globe Trust Directors owe huge sums to the company.

The majority of Globe Trust and Investment Company Limited (GTICL) former directors are in court defending claims filed against them for monies owed to the failed institution, but the company’s liquidators recently slapped a second lawsuit on director and Senior Counsel, Peter Britton after he put two properties up for sale.

The company is claiming $19.5 million, which it said Britton owes and is seeking a declaration that the attorney is justly and lawfully indebted to Globe Trust. It is also asking for a declaration that it is entitled to a lien on certain properties, and has entered an opposition to Britton passing transport of the properties at Campbellville and East Ruimveldt. The Registrar of Deeds is also named as a defendant in the action.

Globe Trust depositor, CS Vaughn protesting
outside the law firm of Senior Counsel Peter Britton
at South Road.

Globe Trust depositor CS Vaughn Major (Rtd), who said he lost $4.5 million when the institution collapsed, a few months back picketed Britton’s law firm at South Road. He held a one man protest for 30 minutes outside the law firm and vowed to keep the pressure on until monies owed are paid back to the company. According to Vaughn, the money he lost in the debacle had been set aside to pay for his daughter’s education and his retirement.

According to our investigations a string of legal matters are currently in the High Court involving Globe Trust and several former directors. The company is claiming close to $20 million in monies to be recovered from each director, and in the case of the former chief executive officer of the company some $35 million. There is at least one other director who the company says owed in excess of $20 million. The public would be amazed to know that many of these directors are prominent members of the Opposition as well as so-called civil society advocates.

In addition to the directors, Globe Trust has moved to the court against other debtors in an attempt to reclaim some of the $750 million handed out in unsecured loans. The matters are all being vigorously defended but the company recently won judgment against a debtor, and subsequently moved to foreclose on his property before holding an auction.


  1. . These directors filled there pockets already, that is why simple people have to suffer. Depriving the man daughter of an education and money for his retirement that was uncalled for. On the other hand he is not the only one in this predicament they are others who may even have it worst, this is the outcome of these meaningless directors. Thus they belong to the opposition party, go figure what else could the public expect...

  2. nothing don’t hide for long, them crooks story gone come out one by one, see Deborah’s own already surfacing, we jus have to wait see how they gone swizzle there way out of this one...