Based on these expressions of interest, GTICL will formulate a reorganisation plan, with implementation of the recommendations within eight months.

This was revealed to shareholders when the institution recently held its Annual General Meetings (AGM) for the years 2000 and 2001 on Monday in the King Solomon Building on Brickdam and Austin Place, Georgetown.

Bank of Guyana appointed Administrator of Globe Trust, Conrad Plummer said that in an effort to become more investor friendly, the company had applied for registration with the Guyana Securities Council (GSC) with the intention of having its stock traded on the local stock exchange.

Plummer said that all the requirements had been complied with and the company was now waiting for the permit from the GSC.

The institution was also making efforts to reach out to its depositors through flyers and other means, with a view to keeping them up to date about the steps GTICL was taking. Plummer also appealed to depositors to make contact with the institution should they have any queries.

He told Stabroek News: “if we were to liquidate now, depositors would lose everything, [but] if we were to reorganise and things go well there is a future.”

Plummer was of the opinion that shareholders should have been aware of the risks involved with equity investment in the wake of the institution’s closure. “...annually, you would have been in receipt of the company’s financials and could or should have had more of an indication of the company’s financial health than the depositors,” Plummer said.

He added that without the benefit of deposit insurance, persons ran the risk of losing some or all of their deposits if the reorganisation failed.

According to a loan portfolio review, sixty percent of the outstanding loans may not be collectible. Most loans had a low percentage of collateral and had been delinquent for years.

The financial institution has been under the control of the Bank of Guyana since September 21, 2001.

Accounts for the year ending December 31, 2002 are still being audited.