Plummer named administrator of Globe Trust
Stabroek News
December 10, 2002
The Bank of Guyana has appointed Conrad Plummer as the administrator of Globe Trust and Investment Company Limited.
The Bank of Guyana (BoG) last week placed a notice in the local papers announcing Plummer's appointment in keeping with the provisions of the Financial Institutions Act. The advertisement noted that Chief Justice Carl Singh on July 25 ordered the reorganisation of Globe Trust. Plummer will be responsible for reviewing the reorganisation plans that have been put forward for the cash-strapped institution.
In a brief comment to Stabroek News yesterday, Plummer said he plans to meet all the stakeholders and others who could influence the outcome of the institution's efforts.
This would include, said Plummer, Globe Trust's legal advisers and representatives of the courts, as part of an effort to see how quickly the institution's liabilities could be converted into assets and then into cash.
The BoG took over Globe Trust's operations last year after it ran into financial trouble. The BoG also moved to the court to liquidate the company but its board of directors and a number of concerned shareholders successfully opposed the move, with the Court ordering that efforts should be made to reorganise the Bank before it could be liquidated.
