Anselm Clouden

Petitions to wind-up five offshore banks were presented at Grenada High Court on July 24, 2003.The banks were Bank Crozier Ltd., DIAK Bank Ltd., Anglo American Bank Ltd., Wellington Bank & Trust Ltd., and Cornerstone International Saving & Investment Bank Ltd.

In a libel action at Grenada High Court, Grenada attorney Anselm B. Clouden has been awarded $2,500 in damages and $450 in costs against the First International Bank of Grenada and its one time CEO, Van A. Brink. The award

Anglo American Bank has had its banking license reinstated by the Grenada International Financial Services Authority; Nevis-based offshore provider Robin Cotterell recently established an insurance company called Old Pacific Insurance Ltd.; Former Lines Overseas Management (Cayman) salesman Scott Oliver has popped up in Costa Rica as President of 'Somerset, Tighe and Campbell', which describes itself as a firm of "professional investment advisors" at its web-site at www.offshorecostarica.com; Inter Caribbean Business Management/Global Dominion Group in Nevis, which has been accused by at least one client of not redeeming her investment, has left Nevis and also closed down its web-sites; and Vladislav Popovic, the director of Richard & Partners, which is accounting firm Pannell Kerr Forster's representative in Montenegro, has confirmed that his firm has never carried out any auditing work for Montenegro-licensed Goldstar Commercial Bank AD, as claimed by the bank's principal, Gerardo Rodriguez Reynante, who is based in Uruguay.

Creditors of the First International Bank of Grenada have been informed by its liquidator that they might get back nothing from the liquidation. In a letter to creditors dated April 23, 2001, FIBG liquidator Marcus A. Wide, of accounting firm PricewaterhouseCoopers, wrote that "there will be a significant shortfall to creditors".

The First International Bank of Grenada appears to be on the verge of collapse. A client filed a lawsuit against the bank this month alleging non-payment of a $300,000 one-month Certificate of Deposit and we understand that several other depositors are preparing similar lawsuits.