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REVOCATION OF LICENCE - LOYAL BANK LIMITED

Discussion in 'Offshore Bank Accounts' started by Internationaloff, Aug 10, 2018.

  1. Internationaloff

    Internationaloff Corporate Services Business Angel

    A Notice of Revocation has been issued to Loyal Bank Limited, effective 7th August, 2018 pursuant to section 21 (2) (a) of the International Banks Act. Winding up proceedings have commenced against Loyal Bank Limited and the Financial Services Authority will provide further updates which will include the details of the Liquidator to whom all claims against the bank are to be made.
     
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  2. negon

    negon Offshore Agent Mentor Group Business Angel

    Great another went the belly button up! doh948""
     
  3. Internationaloff

    Internationaloff Corporate Services Business Angel

    Unfortunately, it was inevitable.
     
  4. MrTony

    MrTony Trusted Member Business Angel

    Only one question - who will be the next?
     
  5. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    The Finanical Services Authority - St. Vincent & the Grenadines

    FIFA scandal, plus many other money laundering scandals couldn't kill this bank. Well finally its been put out of its misery. That bank was like a mummy in a horror film that would not die. ns2


    -------------
    Dear Clients,

    We would like to inform you that following the issuance of a Cease and Desist Order earlier last week, the Financial Services Authority of Saint Vincent and the Grenadines revoked the Bank's licence as of 8th of August, 2018, and decided to start the legal process of appointing a liquidator to take over the Bank's assets.

    We will keep you updated about the proceedings as soon as further information will be available to us.


    Best Regards,

    LOYAL BANK LIMITED
    -------------
     
  6. Martin Everson

    Martin Everson Offshore Consultant Business Angel

  7. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    I give you one guess. ;)
     
  8. MrTony

    MrTony Trusted Member Business Angel

    Bring it on, Mr. Everson)
     
  9. sglion

    sglion New Member

    So Caribbean banks are not having a great 2018...wow
     
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  10. Admin

    Admin Forum Moderator The Forum Cleaner

    Seems they all will end the same place. Either their license is taken or they have to comply to strict US / EU laws even they are located outside of both territories.
     
  11. eBroncos

    eBroncos New Member

    Hello
    Does anyone can shed some light about the financial situation at LBL (Loyal Bank Limited) at the time when its license got revoked.
    I am trying to analyze the chances of depositors getting their money back and the bank's financial situation/condition at the time has an impact on it.
    Also, are there any legal claims against the bank that can cause major delay to the disbursement of the funds to the depositors?
    Thanks
    ~E
     
  12. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    I doubt much people would have been stupid enough to keep money at that bank. Those who did probably had little chance of opening an account elsewhere ;) I posted on here months ago that the bank was finished. You would be best to speak to receivers or Belize financial services to get an answer.
     
  13. eBroncos

    eBroncos New Member

    1.) Did you post about the bank being finished after Mastercard revoked its license to provide card (March 2018) or before?
    2.) Who and what are the 'receivers'?
    3.) The bank is in SVG and got closed by the SVG FSA, so what does the Belize financial services has to do with it?
     
  14. Martin Everson

    Martin Everson Offshore Consultant Business Angel

    I posted in response to that on March 2018 (see below). When the subject was raised I was shocked there were idiots who still banked with them. Anyone who banks with them if they get any money back should take that money and get their head examined by a good doctor as common sense is missing. The signs were always there via constant loss of correspondence accounts, scandal after scandal etc. Here is another heads up EPB bank is next which I mentioned back in March on same thread also.:eek:

    Loyal Bank - Bank Card - Status "Warm"

    People responsible for winding the bank down

    Yes it is. Had Belize Choice on my mind at time of writing.:D
     
  15. Mark Rucken

    Mark Rucken New Member Entrepreneur

    Someone on this board actually have money stuck with Loyal Bank? An update on this would be highly appreciated. I contacted liquidators, but no reply ... of course :D
     
  16. Filipepi

    Filipepi New Member

    Hi, Mark. Yes, I am. And the same things for my application to clarify their further steps, emalied yesterday. Let's keep in touch over the progress
     
  17. Mark Rucken

    Mark Rucken New Member Entrepreneur

    I wrote to Loyal Bank and they are replying, but nothing useful from them. They literally have no idea what is going on. They provided me with the email of the liquidator and advised me to contact them directly. I tried finding a phone number of the liquidator, but no luck.

    Yes, please post any update here, I will do the same.
     
  18. Internationaloff

    Internationaloff Corporate Services Business Angel

    Liquidator A:
    Mr. Ikins Clarke
    Deloitte & Touche
    The Goddard Building
    Haggart Hall
    St. Michael, BB11059
    Barbados

    Email: [email protected]

    Liquidator B:
    Ms. Joan “Betty” Braithwaite
    Deloitte & Touche
    The Goddard Building
    Haggart Hall
    St. Michael, BB11059
    Barbados

    Email: [email protected]
     
  19. Dubsize

    Dubsize Member Entrepreneur

    if this can help, they are both very easily findable on LinkedIn.
     
  20. Internationaloff

    Internationaloff Corporate Services Business Angel

    Dear XXXXX

    Thank you for your correspondence.

    By an order dated 24 August 2018, the High Court of Justice of Saint Vincent and the Grenadines has appointed Mr. lkins Clarke and Ms. Joan "Betty" Brathwaite of Deloitte, The Goddard Building, Haggatt Hall, St Michael, Barbados as Joint Liquidators of the Company (the “Liquidators”) pursuant to the International Business Companies Act Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines 2009 (hereinafter referred to as "the Act"),

    The Joint Liquidators have assumed control of the affairs of the Company and are responsible for assessing the financial position of the Company and reporting their findings to the Court within 30 days of the date of the appointment.

    Upon completion of this assessment, we will be in a better position to determine amounts owed and review possible distribution plans. Due to the complex nature of Loyal Bank’s operations, including its significant cross border holdings, it is difficult to estimate timelines at this point.