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By Paul Lashmar |
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May 5, 2002
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IMPERIAL STUNG BY CARIBBEAN PROBE; THREAT TO UK
FINANCE GROUP AS REGULATORS MOVE IN AT GRENADAN BANK SUBSIDIARY
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Financial regulators on Grenada have taken over
administration of Imperium Bank, the flagship offshore subsidiary of
the controversial British-based Imperial Consolidated Group. |
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The Miami-based newsletter
Offshore Alert reported that a source close to the review
said the Grenada International Financial Services Authority took
action after Imperium Bank had failed to adequately comply with
requests for information about its activities.
Offshore Alert publisher David Marchant
said the intervention may have serious consequences for Imperial
Consolidated: "The regulatory action in Grenada is extremely
significant to Imperial Consolidated because Imperium Bank controls
the group's offshore mutual funds which raise money to fund its
underlying business operations, including those in the United
Kingdom.
"Imperium Bank is currently prohibited from disbursing any funds
without the consent of PricewaterhouseCoopers. This is likely to
lead to cash- flow problems and hinder the group's ability to meet
its liabilities as they fall due, both to trade partners and to the
bank's many depositors and mutual fund investors around the world." |
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