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Jun 21, 2019

Was Atlantic Bank Ltd. Involved in Questionable AIBL Ownership Transaction?

Kareem Musa

Musa openly questioned the business transaction during which principal ownership of AIBL was assumed by former Chief Executive Officer Ricardo Pelayo, but not before taking a few more swipes at the Barrow family.


Kareem Musa, Area Representative, Caribbean Shores

“When these fraudsters, these Sanctuary Bay fraudsters were faced with lawsuits, who did these scam artists engage to defend them against the claims of victims of their fraud?  Once again, Barrow and Williams, Madame Speaker.  So more and more legal fees for Barrow and Williams.  Ah noh jealous, Prime Minister, I’m just showing you that when the FTC does their autopsy and they open up this cadaver, we will see because it’s going to be a long, lengthy autopsy when it comes to Sanctuary Bay, Madame Speaker.  But you will then begin to see where the prime minister’s law firm has its hooks deeply ingrained in this cadaver.  Madame Speaker, when the fraud is unraveled the FTC fines that victims have lost over one hundred million US dollars as a result of this Sanctuary Bay real estate scam.  And then the FTC appointed a receiver over the assets of the scam companies and who do they appoint as receiver, Madame Speaker?  Who did they appoint to receive in this Sanctuary Bay scandal?  Take a wild guess Barrow and Williams. Madame Speaker, perhaps Mr. Ricardo Pelayo, and I don’t mind calling his name.  Perhaps Mr. Pelayo can answer these questions for us.  He is the former C.E.O. who suddenly found millions of dollars to buy controlling ownership of the bank when he was merely a bank manager, Madame Speaker, up to that point in time.  Where would he have found the millions of dollars to undertake such a transaction.  Did the Central Bank give him a foreign exchange permit to purchase all those millions to buy the shares from Atlantic Bank when the foreign reserve of the country is so scarce?  Or was that transaction, Madame Speaker, a mere paper transaction from Atlantic Bank?  Now Mr. Pelayo who is the bank manager, all of a sudden he da di owner.  Is it a farce, Madame Speaker?  Is it a front to cover up who are the real shareholders?”

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