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Articles Banks & Trusts Featured First International Bank of Grenada Fraud Grenada Investment Michael CreftJune 30, 2000

More revelations about the great Grenada banking scandal

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25 years ago

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Banks & Trusts Fraud Grenada Investment

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Bill Kassis Cambridge International Bank David Springer First International Bank of Grenada Gerald Burton
Granite Registry Services Grenada International Bank & Trust Corp. IDIC Laurent Barnabe Lawrence Jones Michael Creft Mutual Funds Standard Hellier Bank Inc. Standard Hellier Capital Fund Inc. Standard Hellier Group Inc. Standard Hellier International Inc. Standard Hellier Portfolio Fund Inc. Standard Hellier Property Fund Inc. Standard Hellier Securities Inc. Standard Hellier Technology Fund Inc.
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Just when you thought it couldn’t get any worse, the great Grenada banking scandal reached new levels of farce this month.One bank is operating without a banking licence, another is capitalized by a painting and the First International Bank of Grenada was still open for business at the end of June. Open, that is, to accept deposits but not to pay interest to its depositors, many of whom have complained to the island’s regulators that they have not received interest payments for several months.Even allowing for corruption and incompetence, the refusal of the Grenada government to close down FIBG has led to one of the most bizarre situations in the history of offshore banking.