Administrator to be named soon for Globe Trust
Stabroek News
November 18, 2002
The Bank of Guyana (BoG) expects to appoint an administrator for Globe Trust and Investment Company Ltd. (GTICL) by the end of the month.
Stabroek News understands that the Bank of Guyana (BoG) is to make an offer to one of the candidates it interviewed for the position and to announce the appointment by the end of this month.
The BoG took over the administration of the bankrupt Globe Trust in September 2001 and later moved to the court seeking permission to liquidate it. Shareholders and depositors successfully opposed the application in the High Court by the BoG to wind up Globe Trust on the grounds that it had made no attempt to address the possibility of re-organising it. One of the main functions of the administrator will be to consider proposals for restructuring the company.
Since being taken over by the BoG, former NBIC managing director, Conrad Plummer has been spearheading efforts to recover loans, however, Stabroek News was unable to determine how much has been collected. One of the grouses of the former Globe Trust management was the delay in the hearing of cases it brought against defaulters.
A group of investors out of Canada and co-ordinated by South-Africa-based Guyanese, Eric Phillips has indicated an interest in re-organising Globe Trust. But local groups such as the African Cultural Development Association and the concerned group of depositors led by Lorri Alexander are yet to hear of the investors' plans.
