The liquidators for Globe Trust and Investment Company Limited (GTICL) announced yesterday that the way has been cleared for depositors with less than $100,000 dollars to be refunded almost ten years after the institution came crashing down.
Nizam Ali, who was appointed liquidator, said yesterday that around $45 million dollars has been made available for the payouts following a court ruling by Chief Justice (ag) Ian Chang last month. On register are 3050 persons classified as small depositors. Ali said letters would be sent out on Monday for these depositors to visit the firm at its Camp Street location in another week’s time, but noted that payments would be made in batches of 100.
“…The process is moving at a faster pace now”, he said indicating that the disbursements signal the beginning of the end. Ali recently filed the Schedule of Steps in the High Court which is consistent with requirements in the law.
These depositors could've been paid since 2001 had Christopher Ram and other Directors of Globe Trust and Investment Company Ltd not move to challenge the liquidation. A total of 5,404 depositors would have each received up to $100,000.
Globe Trust’s debt collection has slowed despite attempts by the liquidator to reclaim some of the $750 million handed out in unsecured loans; the majority of Globe Trust debtors have ignored repeated calls by Ali to repay, and only a tiny fraction of the funds has been recovered.
But Ali continues to pursue debtors in the court and he disclosed that next month several of the matters are coming up for hearing. He noted that the majority of the cases are against former directors of the institution, two of whom are now deceased.
He mentioned that matters had been filed against former Chief Executive Officer, Stephen Backer, the husband of PNC/R member of parliament Deborah Backer; Jonas Sampson who is deceased; Peter Britton who is also deceased and Loaknauth Persaud among others.