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Information for Crozier Clients
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 5/23/2003 11:25:22 PM

By: Crozier Team

Please be informed that new information for our Clients is published on our Secured Internet Banking Website.

Crozier


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 7:49:37 AM

By: strong

I have said yes. Lets hope it works


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 7:31:08 AM

By: JP

Me too...

I hope that this plan will be accepted by authorities...

Good luck.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 7:06:45 AM

By: Proposal is resonable

Their proposal delivered to customers looks resonable and I am going to support them.

Customer


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 6:17:33 AM

By: Mark

first their banking license gets revoked.
now they cant even keep their websites up.
online banking for grenada is down for over then 24 hours.

privatebank-stl.com is hosted on server in US, I think that crozier staff is accessing entire banking system trough web, just a matter of weeks, when they will leave offices.






Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 4:59:09 AM

By: greenlab

hehe...now Crozier St.Lucia looks like a Montenegro Bank..

privatebank-stl.com
Registration Service Provided By: RegisterFly.com
Contact: support@RegisterFly.com
Visit: http://www.RegisterFly.com

Domain name: privatebank-stl.com

Registrant Contact:

Grenville Phillips (sales@caribbeanwebmasters.com)
1 (246) 430-9646
FAX: 1 (246) 431-0431
Gladstonia House
Fontabelle
Bridgetown, NA 050
BB


Administrative Contact:
Caribbean Webmasters Inc.
Omar Fitzpatrick (websites@tropicalcomputers.com)
1 (246) 430-9646
FAX: 1 (246) 431-0431
Gladstonia House
Fontabelle
Bridgetown, NA 050
BB


Billing Contact:
Caribbean Webmasters Inc.
Omar Fitzpatrick (websites@tropicalcomputers.com)
1 (246) 430-9646
FAX: 1 (246) 431-0431
Gladstonia House
Fontabelle
Bridgetown, NA 050
BB


Technical Contact:
Caribbean Webmasters Inc.
Omar Fitzpatrick (websites@tropicalcomputers.com)
1 (246) 430-9646
FAX: 1 (246) 431-0431
Gladstonia House
Fontabelle
Bridgetown, NA 050
BB


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 1:47:58 AM

By: dafman

on st.lucia site info is about new contact and access addresses


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 12:02:05 AM

By: Rick

Grenada site has been down for most of Friday so if there is new info I can't get to it.
Crozier Team??? Bogus email?? Hmmm.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 12:56:27 PM

By: Bill S

Crozier shows that even in bad times the owners take their responsibility, -Thank you! I WILL SUPPORT THE PLAN.

This is the difference with these guys, and other less responsible Caribbean bankers, who just run away from their Clients and leave them in the cold.

After a few weeks with bad communication, your on the right track again.

To the Crozier Team and to Mr. Johansson, -Good Luck in the future.

Respect!

Bill

Respect!

Bill


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 12:50:48 PM

By: Patrick

I think its fair enough......I will support them. at least they are trying to repair the damage.




Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 11:43:22 AM

By: fair enough

It's fair enough! I told them YES

Well it is internal agreement between Customers and Crozier. It look slike good move from their side. I think St. Lucia customers can sleep well !


jack





Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 10:33:44 AM

By: dafman

I am with St.Lucia bank. could anyone please post Grenada's proposal here


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 8:59:13 AM

By: greenlab

I have responded YES too...hope this will have a good impact for the StLucia Bank too


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 5:04:24 PM

By: millford

I agree, and why save offshore if you are thinking short term, therefore I can not see any reason to vote anything else than Yes.

Lawyers? what can they do, except make life more complicated, its a pretty obvious choose, and if all of us is going to consult lawyers it will take forever, I'm all for taking my own decisions in life.

And I also agree that the information was bad in the beginning, but I must also give credit to Mr. Johanson that gave out his phone number, so concerned clients could call him direct, I feel much more comfortable after my conversation with the CEO and owner of the bank.

Millford


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 4:41:16 PM

By: Cyrille Emery

Has anyone thought of running the offer before an attorney prior to accept it????


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 2:53:17 PM

By: stev

Personally I don't see big difference as I am interested in long term saving products (1-5 years).


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 2:20:36 PM

By: Rick

Yes I understand very well. That is why I said I really have no choice but to vote yes. It's not like we have a 3rd option.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 1:19:45 PM

By: Bill S

But Rick, do you not understand if the Banking Authorities should liquidate the bank, you probably need to wait for a long... long... time, to get less Remember that Liquidators are expensive and slow, they like to sit in a bank for couple of years and charge enormous fees.

If I understand it correctly only customers that has over 10 thousand $ are the one that need to approve the plan, under that amount everybody will get 100% immediately.

Bill


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 1:00:58 PM

By: Rick

One thing he did not cover in the message is that what if I said no and the majority says yes and the Grenada minister goes along with his plan then what? Am I forced to invest my money with the bank. I already invested my money in the bank and look what happened. But then again the alternative from what Peter J. says doesn't sound pleasant either. I supposed I really don't have a choice but to say yes.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 2:25:18 AM

By: Daniel

Hello!

If anyone wants to show it to public posting as image will not really stop him. But it stopped impulsive actions when ppl share with others ASAP. Posting it here and on other forums would cause noise like it was happening here past three weeks. They did image in purpose, but it was good move. Same like content of their message!

Daniel


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 12:19:20 AM

By: John Colvin - Eerie Parallel with Omnicorp Bank

While I am not a depositor, from the descriptions on this site, what Bank Crozier is offering as a solution, i.e., having depositors elect to become more like long-term fund investors, seems somewhat similar to what Nelson Bayford of Omnicorp Bank of St. Vincent and the Grenadines did when that bank was unable to meet its interest commitments. As described by David Marchant in a story on the OBNR/KYC site, the rap on Omnicorp Bank was that it was directly offering HYIP to clients. When insolvency threatened, Omnicorp attempted to alter its structure and become more like an investment fund.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 9:26:50 PM

By: support

How I read the message their site is that they ask if you "support" their proposal before Monday, they do not ask for a commitment now. And do not all of us to get access to our accounts and credit cards ASAP? If so I think its great that they are handling this rapidly.

BC has my support, I trust them.

S


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 9:14:16 PM

By: Bill S

Hello Mr. Very strange indeed

If their message is posted in Gif or text who cares, its up to us, the clients of the bank to take decisions, and not to be copied and posted on the net, but I still do not think they care about that, so I think its was more a technical decision than a conspiracy from BC.

I been a client with Crozier for over 4 years, I been treated great and I support them fully.

Stop all these conspiracy theories, and realise that they need to re-capitalize the bank due to a lack of equity, and also due to the authorities freeze they need to put in restrictions, as no banks can handle a run.

What do you think would happen if all Bank of America clients decided to withdraw all their funds immediately? BOA have a cash ratio of 9%, how long do you think it would take to liquidate their loans and Investments? Several years is the answer, I'm happy with my Bank who has 30% cash, and they are prepared to promise me a big part of cash available now, and the rest back within one year, no chance that BOA would be able to deliver that.

During the years the Crozier group has invested my money in different investments and delivered good return even in bad markets, once they even waived their own commissions because they did not feel I earned enough (3% in one year in 2001), I like these people, the investments guys in Barcelona, and the customer service girls in Grenada is fantastic.

Bill


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 7:20:20 PM

By: offer is dubious

Strangely, the BC people posted the message on their site in a graphic .gif format.

Maybe so that people can't copy and paste it to post it to message boards?

The offer was posted on Friday night and states that all depositors must reply YES by Monday morning. They are basically asking depositors for permission to transfer all the money out of the bank to a trust formed in Nevis.

Very strange indeed.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/24/2003 5:26:28 PM

By: stev

Deal is clear enough. I don't need to deliver cash to lawyers and to waste time just to hear after 2 days: accept is, my bill is 2k.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 7:57:22 PM

By: u r wrong

Hello ! solution is perfect for smaller depositors, and belive me, for bigger does not matter on what island cash is located. More important is who personally guarantees it and law and jurisdiction has nothing to it and CEO perfectly knows it. All cash will be available after mentioned in the document period.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 6:45:05 PM

By: lol

I see you guys canno't accept fact that Crozier and depositors are on good way to avoid liqudation and keep banki online. But you where sleeping past few days, Wake UP, its true, problems are over! We will stay with Crozier, can be even on Nevis or Moon!


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 6:17:14 PM

By: Nice one Cyrille!

Well Cyrille, you're the only one of the Marchantistas who is making any sense. I'm taking note of the fact that David, who is usually pretty vocal about hollering "SCMA!" and jumping up and down, seems completely unconcerned about this.

The fact of the matter is that there were warnings about Crozier for a very long time. Terry "quit" because it was unseemly for the CEO of the bank to be out there hounding potential investors in HYIP like a carnival barker. David knows that. I think it would be unwise for him to deny it. But more important than his past lapses are his present lapses. He should be front and center in explaining to the Crozier depositors that they are behaving exactly like Omegans and that this Nevis Trust deal is an abomination.

He should also explain why the 2 Crozier banks were never really part of one monolithic banking organization, but were really only related through one shareholder. I would voice extreme concern about the St Lucia bank's solvency, if their funds at the Greanada Crozier also skip for Nevis. Similarly, I would think the Bahamas regulators would be having fits about the Crozier Fund.

Can't someone explain it to these tin foil hat types here? John Colvin, can you tell these people why and how they're being snookered? It's beyond my patience to deal with such ostrich complexes.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 5:31:10 PM

By: Cyrille Emery

Oh good offer....Am so glad you all accepted it!!!! The money is transfered into a Nevis trust, so is supposed to be protected from potential creditors....

So all of the people that have accepted the offer have forfeited their rights to entertain a potential claim based on banking law.. Because now you are no longer creditors of the bank...You even have forfeited your right to claim in Grenada jurisdiction...Of course Grenada would accept, they wash their hands over the whole thing this way...

None of the people that have accepted have heard about the law on fraudulent transfers (Elizabeth statutes)but probably the statutes have been waived in Nevis trust law... Very convenient to avoid paying large creditors (as well as small ones).

It is a very strange way to recapitalise a bank by taking the money into a trust in another jurisdiction...I thought one recapitalises by putting money into not out...


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 5:19:41 PM

By: not John Colvin

John Colvin doesn't understand that the Crozier Bank reorganization was going on before the flareup on these stupid boards when all of a sudden Marchant let the flamers rule. The Bank reorganized and is now in compliance with all Regulatory requirements on Granada. Soon we will be getting access to our funds and any deals made to valued clients/depositors by Bank Crozier is purely a reward for loyalty which befits any international bank of standing. Bashing Crozier with inuendo won't help the cause. You should know that many Crozier clients are European and not subject to US laws so if you want to badmouth a good bank go to the Black Board or Diligizers where they make a hoby out of it. I never thought David would stoop so low to let this go on here!!!


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/25/2003 11:23:18 AM

By: Wintonian

I don't think you have understood what Crozier are doing. Nothing like OmniCorp.
Depositors have a choice - wait for the liquidators to pay what is left after the leeches have had a field-day, or have an orderly, controlled and structured repayment schedule taking account of maturities of their investments.

Small depositors are happy and larger depositors will get all or a much larger proportion of their funds.

Seems pretty clear to me.

Too many people on boards like this are used to talking about HYIPs and such other scams, are not depositors in BC, and merely wish to cause trouble without knowing anything about the bank. The depositors who have given their opinion of the service they have received are worth listening to.

It is unusual to hear such reports from the giant banks who care nothing for their customers except to use them as milch-cows for the benefit of shareholders and overpaid managements.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 9:41:56 AM

By: rene

to stev:
--------

on the risk to loosing a fine bottle of champagne

1) trustees will be either individuals known actually as "active" within this fabulous "financial service group" or trust companies associated with them (take care: certain jurisdictions allow legal entities to act as trustees for trusts... sometimes even without having to be resident within the jurisdictions!!!) - therefore: bc people will still have control on the control

and/or:

2) one of these funny nevis corporate service providers will act as trustees

same thing for protectorship

as i said: a fine veuve clicquot if i'm wrong... let's wait and see

take care - and: good luck

rene


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 7:03:34 AM

By: stev

Hi !

We supported generally their plan but before we sign up fnal documents we will for sure require access to Trust detailed conditions and documets. I am going to contact other depositors and we will get lawyer consultancy before.


Stev




Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 5:50:31 AM

By: Cyrille Emery

I have difficulties advocating a third way of solving the problem when the authorities are not facing up with their responsibilities.

First the Eastern Caribbean Central Bank can receive mandate to supervise the whole thing with Bank Crozier. This is allowed in the constituing Act of the ECCB.
Second the authorities and ECCB can set up a provisional bank that would receive the deposits. This is a technique that is advocated by the Basle committee! This provisional bank will organise for the timely restructuration of the Bank while at the same time securing the assets of all depositors.

Second : we are in this case in what is "eurocurrency" deposits (nothing to do with euro!). Therefore depositors have, as an exception to the normal banking rule that the forum is where the deposit is paid, the option to sue either in Grenada or in the jurisdiction from which the currency of deposit is issued (e.g US dollars deposit = US courts). Thus those who have accepted the offer have both forfeited the possibility to claim in Grenada but equally in their home jurisdiction.... You are given a really big gift to the bank!

Rene is also right to point out how the trust is going to be structured : who is going to supervise it, who is going to ensure that investors will not be ripped off... Is there any migrating law clause in the trust... So if you sue the trust in Nevis the trust will move to another jurisdiction and you have to start afresh...

I agree that BC could have been up to mischief over the past 7 years, some are strongly suggested it on this board. Nevertheless I will give them credit for these past years but not a blank mandate for the future.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 4:49:59 AM

By: rene

who will act as trustee(s) in nevis?

is it planned to elect a protector? - if yes, what rights (f.e. to make trustees resign!) would he have?

i agree with daniel that i think there is no "third way"... but there are many ways to structure trusts and "the problems are the details" of the trust documents

take care - and: good luck

rene


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 4:23:15 AM

By: Daniel

I know that it is not a prefect solution. Then only one perfect would be getting cash immiedietly what is impossible. Then there are 2 ways - liqudations with all dissadvantages (and for sure not 100% returned) and Navis deal. I don't see personally third way. With current offer there will be access to part funds and Crozier guarantees in document that cash will be returned. If they have bad intentions whey would rip-off customers last 7 years many times, but it did not happen. They have trust already on Bahamas and moving cash into this direction seems to be natural.

I really appreciate you experiences and law knowledge but well, do we have other resonable solution than give them a try?

Daniel


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 3:20:20 AM

By: Cyrille Emery

I would like to point out few things :
1) Over the past few days I have not been sleeping over the Bank Crozier business. I have profered some advice that's all. I would like also to point out that the letter from BC's CEO appeared on this board just after I started to mention the concerns everyone should have about the structure of the bank and the absence of one regulator to supervise the entire business... Maybe it is just coincidence but I dont believe so when everyone was lost with no communication....

2) BC has the mean to appoint a very good and seasoned team of lawyers which is not the case of small depositors...So I hope you are ready for a fight with 4 different jurisdictions : Luxemburg, Spain, Grenada and Nevis under different causes.... That's going to cost an arm and leg even with someone with USD 1Million deposit (which is not small deposit)...

3) Now that you have forfeited the relative protection of being creditors of a bank to become investor in a Nevis fund, ask yourself what sort of protection you have.... And against who!


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/27/2003 5:57:51 PM

By: Wintonian

So Cyrill, Rene, OlHap and Sooltaq can all feel nice and smug because they did not become depositors in Bank Crozier.

No matter that they are apparently ignorant of all the facts - Sooltaq even getting the facts confused between Grenada and St Lucia.

Never mind, they should really get on with whatever they actually know about, and leave the BC problems to the depositors, most of whom are not as stupid as this crowd thinks.

It is time that these people stopped believing their own bullshit. It is not inevitable that an offshore bank is crooked. It is not inevitable that a bank in a jurisdiction that has, in the recent past suffered from a batch of undesirable regulators. It is possible that those running a bank wish to run a good business and grow a successful enterprise.

These critics are not doers and makers. They are middle-men who prey on the ignorance of their clients to make a buck. Or advisors who give advice and take no responsibility for it.

Their irresponsible comments are doing the depositors interests no good at all, and they have fallen into the trap of writing the sort of stuff that they so often criticise others for. The problem is one for the depositors to ponder and decide upon.

Let us hope that BC does not become the latest victim of the drive by megaliths to destroy the small players.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/27/2003 10:56:26 AM

By: Cyrille Emery

Thanks for Rene, Ol hap and Sooltauq to come to the rescue. I thought I was preaching in a desert...

So Bank Crozier is 30% liquid which means???? There are several ratios to judge the solvency of a bank and I dont have a clue as to which one you refer to...
If they are more solvent than a US bank why is it that the regulators have to intervene and ask for recapitalisation and a restructuration plan...

I think it is time that depositors wake up from their fantasies and stop craddling dreams about recovering their money.

There are several questions that need to be raised :

1) How much of their own money the Spain and Luxemburg companies are putting into BC Grenada?
2) How small depositors will be repaid , from where the money will originate?
3) Has this plan received the visa from the Grenadian authorities,
4) Has this plan been endorsed by PW&C

If so where are their opinions. have you received them?

5) Has PW&C agreed to come in any capacity in such a scheme?



Anonymous
Posted: Friday, August 12, 2011

Posted: 5/27/2003 6:51:07 AM

By: depositor

First, I think its rude to compare Crozier with the others (now closed) banks in Grenada, Crozier is owned by reputable business people and bankers, they have been around for several years providing their clients with high quality service, 98 when I became a client, they where the only offshore based bank that offered internet banking for example.

Have you heard about a bank with 30% liquidity before? Its very high, US banks normally has 8%.

If the trust is in Nevis or in another country, who cares? What is interesting is who is the Trustee and who is the Protector, they have committed to use a competent advisory board, Including brand name Accountant firm, Lawyers, Bankers, and some Depositors, I bet that PriceWaterhouseCoopers will head the project.

I think they are acting responsibly (not as other Grenadian Banks has done before).

If I had over 10 thousand in the bank I would vote YES, right now my balance is under this guaranteed amount, and therefore I'm not affected.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 8:11:50 PM

By: Ol' Hap

Okay, the only people making any sense here are Cyrille, Rene and most clearly and concisely Sooltauq.

I cannot believe the posters who currently have access to 30% of their funds are about to enter into a plan to transfer whatever may be left to Nevis, of all places, when they obviously have no inkling of the vast differences in offshore banking law from jurisdiction to jurisdiction.

Looks to me like they're about to sign away the balance of their rights as creditors along with the last of their funds, and all with no legal counsel, a blind nod and emphatic YES!

Un-freakin'-believable!
There comes a time to cover your ass-ets, people!
Best of luck to you all...from what I've read you're going to need it.
-Hap


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 5:30:04 PM

By: Sooltauq

I really haven't paid much attention to the Crozier debacle, and I've been warning people for years about Grenada banks. David has also warned about Grenada banks, as evidenced by the Grenada prime minister and former bank "regulator" being in OBNR's hall-of-shame. As a banking centre, Grenada is a joke. You can't watch something like 40 of 60 banks go down over the last three years and still reasonably believe that yours will somehow be the one that survives.

Nonetheless, to the matter at hand:

If Crozier is solvent or capable of a self-restructuring, it should accomplish that in Grenada. If Crozier (if, as it appears) is insolvent, then the Grenada regulators should take the bank into receivership just like they would any other failed bank. Black and white.

If the case were somehow a "special" case over the heads of the Grenada banking regulators (and in their defense they seem perfectly comfortable and are thoroughly experienced with bank failures), then the Eastern Caribbean Central Bank could take over supervision of Crozier.

The concept of converting a Grenada bank into a Nevis trust is mystifying, at best. Nevis does not have a reputation for banking regulation and does not manage many banks. To the contary, Nevis has had a problem with certain promoters attempting to use Nevis entities as unlicensed banks and investment funds. What Nevis IS known for is air-tight trust law, with the air-tight meaning imprenetrable to third parties. In fact, Nevis is a jurisdiction-of-choice for many asset protection planners worldwide because its laws and court system heavily favor those in control of assets against those who don't and who have claims. Nevis is probably one of the last places on Earth that a person would like to be a claimant in, which is particularly worrisome in this situation.

It is folly to believe that Crozier will somehow get into better financial health by reorganizing in Nevis. Crozier is "done"; their financial weak reputation will ipso facto keep them from attracting any significant additional capital. Plus, what is going to happen in Nevis or after the move to Nevis? Will the stock markets finally turn and Crozier will realize such fantastic returns on its investments? Will a Crozier psuedo-investment fund attract new capital because of its past (apparently not good) investment results? In the words of General McAuliffe at Bastogne: "Nuts!"

All that is left now is to either restructure (if that is possible) or wind up the business and distribute its assets to depositors. This can and should be done in Grenada, or under the auspices of the Eastern Caribbean Central Bank. Taking flight to Nevis -- exactly where will the assets be placed in Nevis, anyway? -- has all the hallmarks of a unique financial shenanigan about to occur.

If I were approached by a Crozier depositor for advice, I would think strongly of advising them to immediately file suit in Grenada to attempt to block the pending move, and then afterwards allow the move if and only if a substantial distribution of Crozier's remaining assets were immediately made to depositors (and probably not even then). I would also think of alerting the Nevis authorities in Nevis of the impending move (I can't believe they would accept such a bizarre maneuver in the first place and probably know nothing of it), and then filing suit in Nevis to block the pending move -- better to file your lawsuit in Nevis for injunctive relief than to try to dig out money later as a creditor, for that is not going to happen.

And quit putting money with Grenada banks. Sheesh.

My Grenadian $0.02 worth.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/26/2003 9:44:48 AM

By: rene

to cyrille:
-----------

i assume the basic of your - as usual - excellent posting is your hope that their are assets around that could be "transferred into cash"

i'm in doubt on that... what i hear and see are millions of obscure assets with (at least at this moment!) little or no values... and high risk obligations (guarantees) that can explode every minute

hope you're right

take care

rene


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2003 6:20:51 AM

By: Wintonian

Cyril, do you know anything at all about banking?

The ECCB is a body set up to regulate banks in the islands in their jurisdiction. This is for the benefit of the people and economies of those islands.

Therefore the only banks over whom they exercise their regulatory powers are banks that are licenced to do business with people and companies resident and doing business in those islands.

Private offshore banks are not licenced to do business with locals - only people outside the jurisdiction - which is the same as the rules for IBCs.

These offshore banks are regulated by the regulatory body of each jurisdiction.

That is why the list of banks is so small.

Do not mislead the readers of this board with partial facts.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2003 6:00:34 AM

By: Cyrille Emery


If you want to find legitimate banks in Grenada you shall visit the ECCB website. They have a list of banks falling under their jurisdiction and supervisory powers...Bank Crozier is not on such list...


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2003 5:36:59 AM

By: a Real Client

I think that most writers that is negative on the Bank Crozier re-construction on this site is former principals in faild banks in Grenada, and they would love to see the oldest and the only remaining offshore bank fail as well, they hate Crozier has this bank has been known both in the offshore world and in the press to be the only legitimate bank in Grenada.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2003 3:44:36 AM

By: nowImpoor

Yeah I'm suspicious too. Please let us know what the lawyer says. I hate having no options...


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/28/2003 2:44:36 AM

By: Daniel

They did not say if plan was accepted. I am going to call GIFSA, also will get lawyer's consultancy about documents.


daniel


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/27/2003 11:07:51 PM

By: Rick

I just a got an email from crozier wanting me to sign papers for the Nevis Trust. I find this strange since we haven't even heard that GIFSA has accepted to let crozier do this. Any other Crozier clients having a hard time with this or is it just me?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/27/2003 6:52:13 PM

By: Ol' Hap

I don't feel smug at all.
I feel worried for these people who are losing their money and truly hope that things are infinitely more positive than both my intuition, knowledge and common sense are telling me.
I hope you are right, Wintonian, but this whole deal smells positively rancid to me.
Best of luck to everyone involved.
-Hap


 

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Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.