In a statement, Acting BOG Governor Dolly Singh said they will proceed with the reorganisation of GTICL, in accordance with the Financial Institutions Act 1995.

Ms. Singh said it is envisaged that whoever fills the advertised Administrator position will consider the views of all the stakeholders in developing a reorganisation plan.

BOG had petitioned for the liquidation of GTICL after closure of the financially troubled institution last year but was opposed by the subsequently formed 'Concern about Globe Trust Action Group' and the Chief Justice held that BOG does not have the authority to liquidate GTICL.

Since then, the concerned grouping, last month, held a public meeting at City Hall, where some 200 depositors approved a resolution for that body to continue representing their interests.

The gathering called on BOG to address the restitution of monies lost as interest on deposits over the past year and advanced a proposal that the Central Bank and the Government give consideration to making a grant which would return the failed business to sound financial viability.

GTICL closed its doors on July 17, 2001, because of bankruptcy, leaving about 2,000 small depositors uncertain about the status of their savings.