Danole Dykend

After allowing tens of millions of dollars to disappear and the crooks to flee the island, Grenada's government finally took over the First International Bank of Grenada this month. Government accountant Garvey Louison was appointed Receiver of FIBG on August 1 and immediately started preparing to liquidate the bank and all of its sub-banks.

Grenada-registered Crown Meridian Bank has followed in the footsteps of its sister bank, First International Bank of Grenada, by promising depositors annual interest rates of 200 per cent and falsely claiming deposits are insured by the sham insurer IDIC, we can disclose.Crown Meridian is run by the same people who control FIBG and was licensed by Grenada's regulators on February 1, 1999 - three days after Offshore Alert exposed FIBG as a scam.

The First International Bank of Grenada appears to be on the verge of collapse. A client filed a lawsuit against the bank this month alleging non-payment of a $300,000 one-month Certificate of Deposit and we understand that several other depositors are preparing similar lawsuits.