Saturday, October 16, 2010

Globe Trust small depositors to start receiving payment.

-liquidator forced to take Deborah Backer's husband to court

Stephen Backer's $45M Ranger Rover

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.


  1. Its about time these people get some sort of pay back since this company failed and mr.backer should be jail for the stealing of this money which he lived lavishly with.

  2. It is time for us depositors to get back our money from Globe Trust. What I do not understand is the position which the President took to pay back Clico clients in full. The same kind of favour should be met for Globe trust clients. What is the reason behind all of this ? I do not care about investigation I need to get my money back in full and the President is not prepare to ensure that this is done. Is this president for trhe people or for some people or does he has special interest in this insurance company ? All those who are responsible for the down fall of Globe trust are accountable and should have their assest taken away from them and put these individuals in jail for life.