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Bank Crozier(2)
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780


Posted: 5/15/2003 1:33:28 PM

By: greenlab

Hello everybody...today is 15th of may...any news from Bank Crozier in Grenada ?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:19:17 PM

By: greenlab

tomorrow ? heh..tomorrow is saturday..i dont think they work on saturdays


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:15:29 PM

By: strong

Just called them and they said that they are awaiting to hear from the authorities tomorrrow. They still refuse to tell why this revoke was initiated and they have no idea what is happening.

They said that they will keep the customer posted on the internal mailservice that comes w each account.

I have already written the funds off.....

Please feel free to correct me!


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:13:14 PM

By: Patrick

As the 30% withdrawal limit was imposed the other day my guess is that the Grenada license will be revoked and all accounts will be opened in St Lucia but to avoid the cash fleeing from the bank they impose the withdrawal limit.

If that should be the case Bank Crozier will bite their own tail. No one will deposit their funds there anymore.

What do you guys think?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 2:48:37 PM

By: Kris

You can withdraw only 30% of your cash? Does not look good. Maybe they will make the same at Grenada today.



Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 2:44:13 PM

By: greenlab

Have you tryed to call them in Grenada ?
The situation is getting worse...i have an account with Crozier in St Luicia and 2 day ago they had imposed a 30% withdrawal limit on all accounts (
i hope it will get solved soon...as we have our corporate account with them.
do you know any other bank like crozier where we can open an account ?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 2:38:57 PM

By: Look new 20 dollar bill

zero, null, zich, nada!

maybe later today or tomorow.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 1:48:10 PM

By: Kris

Looks like no info yet, possibly they will publish update at the end of day. I hope I can use corporate account tomorow.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:05:04 PM

By: arti

I did not know that directors left Crozier.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:01:21 PM

By: strong

well I guess that a good sign is that when you enter the GISA web page http://gifsa-grenada.com/ (Grenada International Financial Services Authority) there is a pop up window that warns you about certain companies. Crozier is not on th e list.

Tomorrow is another day and tomorrow might bring another list.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:50:25 PM

By: Patrick

Is a bank that are about having their license revoked for some unknown reason that even their own staff doesnt know, imposing a 30% withdrawal limit and a phone number to Peter Johansson in Luxemburg where the person in the other end doesnt know why their number are shown on the webpage at bankcrozier.com a sign of a stable good bank.

And why has all the directors left the bank?

Wake up and smell the coffee.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:50:00 PM

By: to: greenlab

Hi !

What did they say about 30% limit? Did they say why and how long will it be limited.

art


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:41:31 PM

By: arti

Hi !

>If that should be the case Bank Crozier will bite their own >tail. No one will deposit their funds there anymore.

I think many customers will stay with them as soon as they get back stability with licence. I don't see any other good bank with this type of products.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 3:22:43 PM

By: nowImpoor

Where planet do you live in, it's thursday. This whole thing is giving me an ulcer the size of Grenada


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:22:27 PM

By: strong

you are not far off....


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:20:19 PM

By: nowImpoor

I hope that says that your sicking the swedish mafia on Johansson


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:16:53 PM

By: their other companies

if grenada and st. lucia down, it will make their other companies down too i bet.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:13:43 PM

By: strong

hur många fler svenskar finns det där ute. kanske vi kan hitta på en liten hämd för herr Johansson.

sorry for this it is swedish and probably the highest form of encryption for most of you...


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:10:57 PM

By: President

Patrick I agree with you.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:10:44 PM

By: nowImpoor

This whole thing sucks an egg. It's making me sick that we have to wait for the news. If the money is lost I want to know now so I can start drinking and smoking weed


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:53:26 PM

By: Saul (the wise)

Patrick, your money an everything is safe. I have it from the absence of information and others, that Marchant is certain things are fine and good news is on the wind. Be brave and don't worry about it. Everything is fine and all money is safe and accessible very soon.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:53:19 PM

By: Financial Consultant

Their are many excellent offshore banks available to clients who are interested in Belize, Latvia, Isle of Man, Austria, Antigua, Dominica.

There is a bank in Belize that also offers trading facilities and has 80% of the offshore business in Belize. They've never been on the FATF list, offer accounts in US dollars, Canadian dollars, pounds sterling and Euros.

They have secured credit cards but will shortly be offering debit cards.

They also have a great thing called a VISA Travelmoney Card whih can be accessed at any Plus ATM. It can be loaded up and does not have any name on it.

For those interested check out Provident Bank & Trust of Belize Limited and their website is www.providentbelize.com

Let me know what you think.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:48:55 PM

By: Patrick

Well Im not 100% sure but I guess they re-invest the money in different funds or whatever for the money they get on the binded capital.

The money the get on "regular" accounts they can use to different business deals. The funds are merely digits in the computer system that moves around in a bank but the crisis comes when many depositors are withdrawing their cash as the bank can then enter into problems as the cash is binded in other business on behalf of the bank.

That could be the case in St Lucia and the 30% withdrawal limit.

Just my own thoughts.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:38:18 PM

By: greenlab

Hi, they said that for about 1-2 weeks...but who really knows?
A week ago, they said that they will not be affected by Grenada problems at all..so...


-----------------------------
Hi !

What did they say about 30% limit? Did they say why and how long will it be limited.

art


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:31:52 PM

By: to: Patrick

I have same thoughts, thats no way they lost all funds. Bank cannot even take all funds and invest to stocks. They have to divide risk to different directions.

I wonder if there is and what difference how they invest money from long term deposits (like 5 year Safe+) and from a'vista ATM accounts where customers have direct access to all funds.

art


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:26:58 PM

By: arti

looks like Iampoor is desperate


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:25:18 PM

By: Patrick

Its important to empasize that the funds are not lost. The reason for the freezing of the accounts is according with the banking acts and regulations in Grenada.

The funds can not simply disappear without a crime is being committed and Peter Johansson will be a hunted man. I say the funds are so far secure. If the license is revoked the funds has to be transferred to either St Lucia, which is a totally separated bransch from Grenada, or to other bankaccounts. The revoke is simply stopping Crozier from doing banking business in Grenada. However, why the license is about to being revoked is an interesting issue. Since Grenada went of the blacklist the problems really started for Crozier.

If Greneda goes down with funds lost the whole Crozier Group is just a memory.

A agree that Bank Crozier has so far been a very good bank although I have seen their service lacking the past 3 months.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 5:40:59 PM

By: renatus

every company registered in grenada should be on a warning list

whoever had the "privilege" to see the presentation of crozier at shorex in geneva (last november) should have be warned on what seems to become reality

r.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 5:17:59 PM

By: Patrick

Yes and they couldnt answer any questions and the persons who could do so have been unavailable for quite some time now


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 5:15:58 PM

By: GIFSA

Did anyone call GIFSA (http://gifsa-grenada.com/ ) Grenada International Financial Services Authority?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 5:00:07 PM

By: Patrick

I dont care that Marchant thinks everything is fine. That is his personal opinion and not mine and if he has information that can further strengthen that claim please step forward with this information. He is not running Bank Crozier (not that I know of anyway)

You say other sources. Step forward and say what you have instead. I dont think account holders will rest more easy just because some anonymous person says everything is fine.

I have a big respect for Mr Marchant although I find his silence in the Bank Crozier matter very strange.

I have also been very satisfied with Bank Crozier but a revoke of the license doesnt come from nowhere.

Looking forward to get more infor on what you have.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 4:58:28 PM

By: be ready Saul

Hi Saul !

If you are right bottle of good champaing in on the way to you. So you sure problem will be sloved soon?

art


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/16/2003 9:34:14 AM

By: newengland

What you have developing here is a classic run on a bank. It is herd mentality at its best. The warning signs were there for all to see. (i do recall a couple of posts on this board mentioning that Crozier was not as efficient as they have been in the past in tranferring funds etc.) I also had a good chuckle when reviewing the bank's site and their inference that they had a large holding company that would support the bank (not). Any one who has a brain in their head knew that unless the assets of the holdco were pleged directly (guanranteed) against the liablities of the bank (in a first unrestricted creditor position) then the creditors of the bank (read depositors) would have no legal claim to asets of the holdco. ..... suckers.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 11:23:44 PM

By: Brad

"Why didn't Collins' "Offshore Informant" give warnings about Crozier?"

Joke publication.


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 11:21:47 PM

By: Truth Warrior

Why didn't Collins' "Offshore Informant" give warnings about Crozier?


Anonymous
Posted: Friday, August 12, 2011

Posted: 5/15/2003 6:31:30 PM

By: Cyrille Emery

I think there is a really bad handling of the matter from Bank Crozier. They should communicate to customers the reason of the problem and the steps they have taken to solve it!
Although small offshore banks, mainly virtual banks, lost their licence at a whim, I dont think in this instance that the decision to revoke the licence has be taken lightly by Grenada's authorities... They should also communicate the reason behind such action!

I dont think that a transfer of funds from Grenada to St Lucia is feasible. First of all because St Lucia would certainly not want to solve a problem born in another jurisdiction. Secondly because the bank in St Lucia is a separate legal entity from the one in Grenada. Crozier has set up the banks as 2 different companies, each with their own licence, not as branches of a banking group although they have a common shareholder, the Luxemburg holding. Therefore any transfer would require authorisation from each depositor and I infer from the list of posts that no action have been taken toward this solution.
Such a move would also probably trigger a freezing order from Grenada's authorities or any substantial creditor of the Grenada's bank.

The 30% limit to withdrawal is certainly imposed to avoid a stampede of customers and an increase in liabilities... although it is a wise decision in the current climate this is not good news as it may indicate that the Luxemburg holding, at this stage, is not committed to assist clients.

I would advise clients to form a syndicate and hire a good lawyer to represent their interest in the forthcoming monthes.


 

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