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A depositor who waited for 11 years to receive money owed to him when Globe Trust and Investments Company Limited (GTICL) failed in 2001 was disappointed with the meager sum paid to him by the Bank of Guyana (BOG).Wayne St. Jules is puzzled as to how a saving of $100,000 that he had in GTICL at the time of its collapse could translate into $3,666.He said that even if the institution deducted the $4,000 paid to him last year by the company’s Liquidator, Nizam Ali, the total $7,666 could not amount to his $100,000.The cheque paid to Wayne St. Jules after 11 yearsAccording to the man he was excited when he received a letter from the BOG informing him that he could uplift his money.The letter dated November 23, 2012 stated, “Pursuant to an order by the Court under Section 55 (1) (f) of the Financial Institutions Act 1995, dated September 21, 2010, we are in progress of making a final apportionment of payment to depositors with accounts of $100,000 and over.”“Please therefore contact the Banking Division of the Bank of Guyana, with your passbook or any proof of amount owed and National Identification Card or valid Passport, during working days from 8:00hrs to 12:00 hrs between December 3 – 31,Cheap Football Jerseys, 2012.”Globe Trust began operating in April 1991 and was licensed in 1999 to conduct depository financial business with authority to engage in Trust business. However, in 2000 and again in 2001 a series of inspections by the BOG found the institution to be in breach of the Financial Institutions Act, and the BOG,Wholesale Authentic NFL Jerseys, with the intention to liquidate, seized the institution in September 2001.In 2010, Chief Justice (ag),Cheap Air Jordan Shoes Wholesale, Ian Chang, made a ruling paving the way for payments to depositors to commence. Letters disseminated to over 3,Cheap Jerseys Free Shipping,000 depositors who had savings accounts with balances $100,000 and below when the Bank of Guyana had stepped in and took control back in 2001.Though, St. Jules only had $100,000 in a fixed deposit account with the financial institution he did not qualify to receive his money because of interest that had accumulated. According to the man, he requested that he be paid his flat sum without interest but this appeal was rejected.During the initial payout,Nike Roshe Run Online Shop, while an estimated 3,050 depositors whose accumulated payments saw Globe Trust doling out around $45M, St. Jules was among 1,Wholesale NFL Jerseys,000 more account holders to be paid. And they had to wait, as Guyana’s liquidation laws are specific on how payments are to be made at this time of the winding up process.According to the man, 11 years is a long time to wait for $7,666 and wants BOG to explain to depositors the Mathematics used to arrive at the small sums paid out. He opined that the amount should have been more if monies owed to Globe Trust were being collected.In addition, the head office of Globe Trust in Middle Street was sold for just under $50M.The man reiterated that BOG should be more open about the payments since initially Globe Trust treated depositors with grave disrespect. St. Jules said that he opened his account with Globe Trust in the 1990s and learned of its financial troubles by word of mouth.He noted that owing to rumours that the institution was in trouble he visited Globe Trust only to find the doors shut and a sign “Sorry we are closed until further notice”.
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