Christopher Ram's challenge to liquidation in 1991 prevented 5404 Globe Trust depositors from receiving up to $100,000 each!

The Office of the President yesterday said that had Christopher Ram and other Directors of Globe Trust and Investment Company Ltd not move to challenge the liquidation in 1991 a total of 5,404 depositors would have each received up to $100,000.

Yesterday, the Office of the President produced critique to show that had the company been fully liquidated, it was certain that up to $235 M would have been recovered from the realizable assets of Globe Trust.

At the time $743M was the total outstanding deposits of the company.

The Office of the President contended that had the liquidation been allowed in 2001, these people would have been paid since then.

The Chief Justice has since issued an order for the compulsory liquidation of Globe Trust following a High Court application by the BoG.

The company came crashing down after issuing many unsecured loans and conducting other dubious practices.