WHAT ABOUT GLOBE TRUST?

The liquidators for Globe Trust and Investment Company Limited (GTICL) recently told us that the majority of Globe Trust debtors have ignored repeated calls to repay, and only a tiny fraction of the funds have been recovered. Liquidator Nizam Ali said that the funds collected so far are nowhere near what they should be, but he remains optimistic. The long-running appeal to debtors of the bankrupt company, which includes several directors, still stands according to Ali. Since taking over as liquidator, Ali has consistently appealed to those who owe Globe Trust to repay the organization.

He said the slow pace at which debtors are responding to the process has affected it, particularly as it relates to moving forward.

Well! Mr Ali could start here! He could start by taking actions to have PNC/R MP Deborah Backer's $44M Range Rover forfeited as according to our investigations, the money owed by Deborah and her husband, who was a director at Globe Trust, is enough to reimburse 2000 depositors.

Late last year Globe Trust depositor CS Vaughn Major (Rtd), who said he lost $4.5 million when the institution collapsed, picketed director and Senior Counsel, Peter Britton’s law firm at South Road. Britton owes Globe Trust $19.5M. Vaughn 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.


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

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.

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