Export-Import Bank

Six years after its offshore financial services sector collapsed under the weight of fraudulent banking and investment schemes by the private and public sector that cheated foreign investors collectively out of hundreds of millions of dollars, the island of Grenada is preparing to re-enter the OFC market, notwithstanding its reputation as one of the most corrupt, dishonest and poorly-managed countries in the Caribbean; and Meanwhile, as Grenada looks into re-launching its offshore banking industry, it is in the grip of a major scandal involving one of its local banks, Capital Bank International, which went into receivership on February 14, 2008 amid allegations of fraud and insolvency.

The Government of Grenada has become the latest impoverished nation to suffer the economic consequences of switching diplomatic allegiances from Taiwan to China. The Export-Import Bank of The Republic of China, a Taiwan-based, state-owned specialized bank for export and import credits, is seeking the recovery of $21.6 million, plus interest at $5,761 per day, at the U. S. District Court for the Southern District of New York regarding four loans that are in default.