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A Bank from nice islands died

A Bank from nice islands died

January 2020 · 3 min read

When i was living abroad some years ago my company asked me to open an bank account in Loyal Bank.
I like collecting credit cards so i still have one that i have added here from Saint Vincent and the Grenadines.

Today, while i were checking my old CCsand decided to have a look on website of the bank.. Guess what - it died.


By order of the High Court of Justice of Saint Vincent and the Grenadines (“the Court”), dated 24 August 2018, under the provisions of the International Business Companies Act Chapter 149 of the Revised Laws of Saint Vincent and the Grenadines 2009 (hereinafter referred to as "the Order"), Mr. lkins Clarke and Ms. Joan "Betty" Brathwaite, both of Deloitte & Touche, located in The Goddard Building, Haggatt Hall, St Michael, Barbados (“Deloitte”), were appointed as Joint Liquidators of Loyal Bank Limited ("the Bank").

On 31 May 2019, Ms. Brathwaite retired from Deloitte and by order of the Court effective 1 June 2019, Ms. Brathwaite was released from her duties as one (1) of the Bank’s Joint Liquidators and Mr. Rikhi Rampersad, a partner at Deloitte & Touche Trinidad, was appointed to serve as a successor Joint Liquidator along with Mr. Clarke.

In accordance with the terms of the Order, Mr. Raymond Haynes, Ms. Tiphaney Russell and Mr. Darren Reeds were duly appointed as agents of the Joint Liquidators with full authority to act on behalf of the Joint Liquidators. As Agents, they are also empowered to take full action and control of Loyal Bank Limited and its assets and properties, including its known subsidiaries. On 30 June 2019, Mr. Darren Reeds resigned from Deloitte. Accordingly, the Joint Liquidators have appointed Mr. Ryan Jarvis as one of their Agents, effective 1 July 2019.

As a result of the aforementioned, Messrs. Ikins Clarke and Rikhi Rampersad and their Agents, Mr. Raymond Haynes, Ms. Tiphaney Russell and Mr. Ryan Jarvis, are the only individuals authorized to represent the Bank or conduct business on the Bank's behalf and are duly authorized to liaise with all stakeholders regarding this matter.

The good news there is huge company doing the deal but i assume many people lost money in this.

This is why cryptocurrency is sometimes better thank banking system.

I have a 14 years old kid, so i need to have some bank accounts to be sure he is safe but still crypto is the way to be fully secure. I will consider to buy more BTC and STEEM soon.

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I used to love opening free bank accounts in countries i travelled into (i have worked a lot abroad) but these days it may not be secure enough.


What is your thoughts on this ?

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