| PDM calls for public inquiry in TCI Bank closure | | Print | |
| Tuesday, 29 March 2011 11:54 | |||
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The People’s Democratic Movement officially called on His Excellency the Gov. Gordon Wetherell to call a public inquiry into the TCI Bank failure and the connection of the National Insurance Board and the Financial Services Commission to the failed bank. The government has asked the FSC to investigate the failure of the country’s first indigenous bank, but PDM leaders believe more needs to be done. “This simply is not enough to bring peace of mind to all those persons who have fallen victim to this failed government backed institution,” the party stated March 18. “We urge the governor to act to provide the level of transparency that only a public inquiry can bring.” Creditors were called on earlier this month by bank liquidators Anthony S. Kikivarakis and Mark E. Munnings to make their claims for monies that were lost when the FSC asked the Supreme Court to close the bank in April 2010. One of the bank’s biggest creditors, the National Insurance Board, isn’t waiting for liquidation. It has filed a lawsuit against the liquidators, demanding repayment of $5.5 million deposited just before the bank was closed.
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