REVOCATION OF LICENCE - LOYAL BANK LIMITED

eBroncos

New Member
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
Hi Mark, I'm in with 5K EUR
I contacted the FSA SVG and they directed me to the liquidators. Then I emailed the liquidators and they replied as follows:

Dear Sirs




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.




We ask for your patience as we undertake this effort. If you have any urgent inquiries, please direct them to [email protected].




Thanking you in advance for your cooperation in this matter.
 

Mark Rucken

Building Trust
Entrepreneur
Thanks. I got the same reply yesterday. They said nothing, we can only wait. Loyal Bank officer is replying to my emails, but he keeps repeating the same thing over and over again ... we do not know when will you get the funds back. Please kee me posted if you find out something new.
 

eBroncos

New Member
Thanks. I got the same reply yesterday. They said nothing, we can only wait. Loyal Bank officer is replying to my emails, but he keeps repeating the same thing over and over again ... we do not know when will you get the funds back. Please kee me posted if you find out something new.
What's your email?
 

eBroncos

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
What's your email?, we should have each other's emails for communication purposes in case we would like to act together
 

Mark Rucken

Building Trust
Entrepreneur
Any news? Now the Hungarians who were behind Loyal Bank have stopped replying to emails and the liquidators sent one initial email that the liquidations process is ongoing and that is about it.

I am also thinking of hiring a lawyer, just not sure from where, Hungary or Saint Vincent?
 

Internationaloff

Corporate Services
Business Angel
Any news? Now the Hungarians who were behind Loyal Bank have stopped replying to emails and the liquidators sent one initial email that the liquidations process is ongoing and that is about it.

I am also thinking of hiring a lawyer, just not sure from where, Hungary or Saint Vincent?
We are waiting for the Report to the Court within 30 days of the date of the appointment by the Liquidators.
It's better to hire a local lawyer.
 

eBroncos

New Member
Any news? Now the Hungarians who were behind Loyal Bank have stopped replying to emails and the liquidators sent one initial email that the liquidations process is ongoing and that is about it.

I am also thinking of hiring a lawyer, just not sure from where, Hungary or Saint Vincent?
I am interested in legal action as well, maybe we should consider file a lawsuit together, meaning as many as account holders as possible, that way we will have more power in our legal action.
 

Mark Rucken

Building Trust
Entrepreneur
I am interested in legal action as well, maybe we should consider file a lawsuit together, meaning as many as account holders as possible, that way we will have more power in our legal action.
Yes, I also think that would be a good option. Someone mentioned that a local court should make an announcement 30 days after the liquidators were appointed, which happened on the 24th of August ... I think I will maybe wait for a week, if nothing happens, I will start thinking about legal actions.

My only dilemma is whether I should contact a lawyer in Hungary or Saint Vincent ...
 

Alexcamden

New Member
Yes, I also think that would be a good option. Someone mentioned that a local court should make an announcement 30 days after the liquidators were appointed, which happened on the 24th of August ... I think I will maybe wait for a week, if nothing happens, I will start thinking about legal actions.

My only dilemma is whether I should contact a lawyer in Hungary or Saint Vincent ...

I am interested in joining forces as well, I have 5 figures balance stuck with them and I’d like to engage legal action with other account holders. It’s been over a month, any news from the liquidator?
 

Filipepi

New Member
What's your email?, we should have each other's emails for communication purposes in case we would like to act together
Hello. I an trying to write a direct conversation to you, to proceed with sensitive things there, but is is idle for me to begin, maybe not enough positings etc. I am ready to consider to combine our efforts. BTW, any news? I have written to liquidators with update request and still no rrply
 

Filipepi

New Member
Any news? Now the Hungarians who were behind Loyal Bank have stopped replying to emails and the liquidators sent one initial email that the liquidations process is ongoing and that is about it.

I am also thinking of hiring a lawyer, just not sure from where, Hungary or Saint Vincent?
Hello Mark, same thing as written to eBronkos. Please kindly comment and may you write the direct conversation message to me? Tks
 

Mark Rucken

Building Trust
Entrepreneur
Hello Mark, same thing as written to eBronkos. Please kindly comment and may you write the direct conversation message to me? Tks
Hello! Liquidators are silent. I was in touch with the account officer from Loyal Bank (they are sitting in Budapest) and he said that it might take a year before liquidators come up with the refund plan ... which is scary!! Apart from that I have no news.
 

France Nicol

New Member
I am also in the same situation. I kept my money at Loyal Bank and now everything its blocked or vanished. Liquidators are not of any help because they don't answer emails.
I was checking on the Web if Saint Vincent has any minimum money return guarantee in case a bank closes and I discovered that
the amount of money a Bank should have as liquidation, should be equal to the amount of the depositors. This is because they were not allowed to make any loans, therefore if they had 10,000 customers with a total value of cash (lets say, 10,000,000) then they should have 10,000,000 in liquidity. This means we should get our money back I suppose.
But In case the bank used the money, then the Financial Service Authority of Saint Vincent is to blame because they were suppose to check that the bank has that liquidity.
In any case if you are planning to take legal action, COUNT ME IN. Drop me an email
If what I wrote above its true then we should also take legal action against the Financial Service Authority of Saint Vincent because of inncficient control of the Bank.
 

Mark Rucken

Building Trust
Entrepreneur
I am also in the same situation. I kept my money at Loyal Bank and now everything its blocked or vanished. Liquidators are not of any help because they don't answer emails.
I was checking on the Web if Saint Vincent has any minimum money return guarantee in case a bank closes and I discovered that
the amount of money a Bank should have as liquidation, should be equal to the amount of the depositors. This is because they were not allowed to make any loans, therefore if they had 10,000 customers with a total value of cash (lets say, 10,000,000) then they should have 10,000,000 in liquidity. This means we should get our money back I suppose.
But In case the bank used the money, then the Financial Service Authority of Saint Vincent is to blame because they were suppose to check that the bank has that liquidity.
In any case if you are planning to take legal action, COUNT ME IN. Drop me an email
If what I wrote above its true then we should also take legal action against the Financial Service Authority of Saint Vincent because of inncficient control of the Bank.
Exactly. Many off-shore banks work like that, they do not give out loans so they should have all the money on the account. Loyal Bank officer is replying to my emails, but I do not know what to ask him anymore, he keeps repeating the same thing. I am pissed because liquidators are not giving an update and it has been 2 months. Starting a legal battle is a long and tiring process and I am trying to avoid it at any cost ...

I am not sure what was going on and what were Hungarians doing, but it is obvious this is a fishy group of people and I really do hope someone will be found responsible for the mess they caused.
 

France Nicol

New Member
Exactly. Many off-shore banks work like that, they do not give out loans so they should have all the money on the account. Loyal Bank officer is replying to my emails, but I do not know what to ask him anymore, he keeps repeating the same thing. I am pissed because liquidators are not giving an update and it has been 2 months. Starting a legal battle is a long and tiring process and I am trying to avoid it at any cost ...

I am not sure what was going on and what were Hungarians doing, but it is obvious this is a fishy group of people and I really do hope someone will be found responsible for the mess they caused.
Mark, we have to wait and see what happens! I believe that we should get our money back, but thats what I believe.
I knew this was going to happen and I gave an instruction to LoyalBank to transfer most of my money to another account. It took them one month to answer and their answer was that my request is declined . Then I send them an email that i want to shut down my account and the day i was about to send them the application i got a message saying that they block all incoming and outgoing transfers. Can you believe that!!!! The same exact day i wanted to send them the application to shut down my account everything got blocked.
Anyway, what can we do now!! What happens, happens
 

Mark Rucken

Building Trust
Entrepreneur
Mark, we have to wait and see what happens! I believe that we should get our money back, but thats what I believe.
I knew this was going to happen and I gave an instruction to LoyalBank to transfer most of my money to another account. It took them one month to answer and their answer was that my request is declined . Then I send them an email that i want to shut down my account and the day i was about to send them the application i got a message saying that they block all incoming and outgoing transfers. Can you believe that!!!! The same exact day i wanted to send them the application to shut down my account everything got blocked.
Anyway, what can we do now!! What happens, happens
Even if you sent a request for the account closing, it would take them weeks to process it ... if that helps you :D

I will write to Hungarians today again, will keep you guys posted if there are some news.
 

Filipepi

New Member
Mark, we have to wait and see what happens! I believe that we should get our money back, but thats what I believe.
I knew this was going to happen and I gave an instruction to LoyalBank to transfer most of my money to another account. It took them one month to answer and their answer was that my request is declined . Then I send them an email that i want to shut down my account and the day i was about to send them the application i got a message saying that they block all incoming and outgoing transfers. Can you believe that!!!! The same exact day i wanted to send them the application to shut down my account everything got blocked.
Anyway, what can we do now!! What happens, happens
Nicol, same things and even more. My transfer application was accepted, put on execution and after dismissed due to revocation. So, stay in touch to see what will happen further. I just dont like the liquidator reports it may be complicated to assess the bank liquidity due to tangled ownership structure. Anyway, keep on hoping
 

Filipepi

New Member
Guys, I see no possibility to send a private direct messages here on the forum, at least for me as newcomer it is idle. Any though to unite our contacts somehow as thiw may be unsafe to state lots of sensitive private things in open access
 

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