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If you want to post a message about Bank Crozier ...
Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 2:55:34 PM

By: burnt real bad

I too have come to the same coclusions as you. I have spoken to GIFSA and PWC and there is no reason to move the funds to another jurisdiction accept to evade and eventually escape responsibility. Grenada is as good a place to liquidate if the is what it comes down to.

Do not vote for the Trust. That is crap.

Is there anyway that all depositors can come together and fight this. My entire life savings is gone.

Burnt bad


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 1:26:49 PM

By: po-man

what typically is the percentage depositors get from
liquidation?


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 11:53:57 AM

By: info


Hiyall,

some further information:

* st. lucia lawsuit applied for injunction and froze all
assets worldwide. controller of grenada bank does not
have any funds availble for continued opporations. not sure
if they have assets in juristictions outside of grenada frozen or not.

* peters plan appears to have been a complete flim flam stall tactic as some other posters on this form have said all along.

* local agent for bank crozier who was the liasion between
crozier and GIFSA has quit and says he doesnt want to
be associated with crozier any longer.

* GIFSA will be filing petition for liquidation tomorrow.

* Liquidation proceedings pre-empt lawsuits, no preferential
treatment. i was advised that having everyone file lawsuits is not going to accomplish much at this stage. things are already frozen and in motion towards liquidation.

* hearing date will be set, depositors will have option to
voice opinion regarding choice of liquidator. PWC will be
used if no objections. choosing a different liquidator would
probably increase costs as they would have to go over groundwork that has already been covered, PWC is most familiar with situation. Any one have any thoughts regarding PWC as
a liquidator of choice???

* investigation and audit trail is being pursuid by GIFSA
to look for possible criminal activity.

* peter is reportadly working from home today in barcelona.
office in barcelona appears to be closing up.

noone








Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 9:39:15 AM

By: Cyrille Emery

If I understand the grief of any depositor, please refrain from seeking revenge! What I have been discussing is the way, through legal means, to get out of the current situation!

What I meant by PR relations is also something concerted and planned professionally, not posting randomly across internet akeen to libel.

Therefore from now on, any depositor serious about lawsuit should remain SILENT!

You have to form the group, designate who amongst yourself is going to represent you and decide for a law firm (with banking experience as well as bankrutpcy) who will start the proceeding on your behalf.
Dont start bickering as time is of essence NOW!


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 8:22:31 AM

By: nowImpoor

Good plan.

All depositors interested in banding together please post your support here so we know how many people (anonymous is no problem for now) are interested in revenge. I for one would be willing to pay extra money to punish crozier for all the grief they've caused me.

Negative publicity is also a good stategy at the least. I want revenge on the entire stink hole country of Grenada. i also want to ruin the career of all involved with crozier management. Indelible black marks all over the internet will be no problem to arrange. My grief will be focussed on anger and revenge from here on out...






Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 7:50:18 AM

By: Cyrille Emery

I was thinking of a one fit all solution for depositors but cannot see one. The issue is rather complex as the parent companies (Spain and Luxemburg)are not regulated as bank institutions...Therefore we cannot expect at this stage the involvement of any banking authorities in these countries.

The situation stands out at this now :
1) A weak regulator in Grenada that is not in a position to impose to the bank any sort of corrective measure, except threatening them of revoking the licence.
2) An audit firm, called in by the regulator, who is considered not fit to produce a clear unambiguous report and a solution to the problem,
3) A banking group which is not really a banking group....A management and a board which is not in a position to make substantial progress on resolving the issue,
4) A lack of communication from the parties above.
5) A choice between different legal fori

That is a real legal challenge to offer here a legal solution to hopeful depositors. I would then suggest the following :
1) Depositors have to co-ordinate their action. It is necessary for them to group and collect under one single responsibility all documents, statements they have from BC.
2) Go to court in Grenada and ask for the following :
2a) Removing of the management of B.C and appointment, under ECCB supervision, of a new management team,
2b) Call for cash injection from shareholders (Spain and Luxemburg),
2c) Suspension of shareholders rights and prohibition of profits and/or withdrawals by shareholders,
2d) Freezing of all assets of B.C and related entities (Mareva injunction or Anton Piller order),
2e) Appointment of a panel of independent experts to assess the soundness of the bank and the extent of its weaknesses (separate from PwC).

3) Have the judgment obtained enforced in jurisdiction where B.C operates either directly (management in Spain, holding in Luxemburg) or indirectly through agents or related entities.

Be also ready to launch a P.R campaign. There is nothing, in the current climate between OECD/FATF and offshore, that could speed things up like a good P.R pointing out the shortfalls of offshore countries and their regulators...

Now this is if Grenada court is the best court.... Some jurisdiction may see it differently (pride or else). Therefore depositors have a choice of fori.
The forum could be :
a) Grenada where the bank operates,
b) Any court of the country of the currency denomination the account is held upon,
c) The country where the bank has its meaningful management (Spain and/or Luxemburg).

There may have some depositors that would want to go their own way... I agree that they are free to do so but they have to take in consideration the others. Multiplicity of sentences would only complicate the matter!


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/9/2003 4:59:39 PM

By: Ol' Hap - For Dan and Win

For Dan,
The difference here with Mr. Marchant is that he is a journalist covering the BC situation. It's fine if Bank Crozier helped finance OBNR or advertised on the OBNR site, but in that case Mr. Marchant should make that clear and refrain from reporting the story at all. If he reports or has reported on the situation, and Crozier has provided financial backing for the web site that carries those reports, then that clearly constitutes a journalistic conflict of interest.

That is an important issue of journalistic ethics which effects his credibility. So I thought I would direct those questions specifically to David so that I can hear HIS side of this, which I'm betting is perfectly logical when all is said and done, and would put an end to all the accusations flying around on this board and others.

For Win:
RE: "It seems that no one has the full facts in this case, and it is pointless trying to guess or make wild assumptions."

Yes, you're absolutely right. So rather than make wild assumptions about Bank Crozier's relationship with Mr. Marchant, I thought I'd ask Mr. Marchant directly so he can put an end to all of this bickering.

When all is said and done, David Marchant is a fine writer and an excellent journalist, and I, for one, hate to see his ethics and credibility attacked without hearing his side of the story.

-Hap


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/11/2003 9:50:55 AM

By: Cyrille Emery

Rene,

As I have not suggested to be retained to conduct either or both the legal and PR aspect of this case, I have no clues on the amount of fees that such activities would generate. However my guess is, depending which law firm/PR firms are retained that the total bill will run into the 6 digits at the end of the issue.

I agree that it is sometime better to write off a bad investment and start building up a new nest but then the loss of the money is not caused by a sudden downturn on markets, at least not directly.
I would like, if I were a depositor, to see GIFSA and BC management held accountable to the depositors. Then I could grief and put behind the loss of money.


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 7:11:12 PM

By: Stev

... and if someone accepted transfer to Trust will be now in more difficult situation than depositors who did not. Or I am wrong?

Also - now personal lawsuit will not help?

Stev


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 7:04:17 PM

By: months ...

It can take us loooong months to get any cash back? Do you think we can get 75%?

Stev


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 4:27:55 PM

By: rene

thank you cyrille... great posting

but:

could you please inform on this board about the FEES the activities you propose would "generate"

sometimes it's cheaper to write-off "investments"... specially in cases like this one where several jurisdictions (some of them quite... well, nothing less than obscure!) are "involved"

thank you again

rene


p.s.
might be a - cheap! - alternative to inform the head office of pwc about how they are active on grenada... i know that pwc is - at least in some jurisdictions - organized as independent partnerships... but anyway... us auditors - the remaining ones - are quite interested in profiting of a good "image" these days


Anonymous
Posted: Friday, August 12, 2011

Posted: 6/10/2003 3:44:20 PM

By: newengland

Is it no surpise that "peter" has domiciled himself in a juridiction that does not have any extradition treaties with notable countries? Pls. correct me if I am wrong.

Fuel to the fire.


 

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