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Jul 23, 2019

Choice Bank has New Liquidator, Again

Kareem Michael

The third liquidator has been appointed by the Central Bank for Choice Bank Limited. The offshore bank was forced to fold and thrown into receivership in June 2018, after the Central Bank pulled its international banking license.  The new liquidator is Kareem Michael and his appointment, which was announced on Friday, became effective on Monday.  He resigned his post as Deputy Governor of the Central Bank to take up the post as liquidator and is reportedly set to earn fifty thousand dollars per month.  Michael takes over from Accountant Cedric Flowers who was appointed as the liquidator in July 2018. Reports reaching our newsroom are that Flowers and the Central Bank were bucking heads concerning the liquidation process.  According to a statement from Central Bank, Flowers’ term of engagement has come to an end.  The statement says that “the Central Bank has the power to appoint a liquidator from either the private sector or an officer of the Central Bank, who meets such qualifications as prescribed by the Central Bank.”  The Central Bank says that Michael possesses the knowledge and experience required to bring the liquidation to an effective close.  It further states that “after careful consideration of potential candidates, the Central Bank decided that this course of action was necessary for the successful resolution of the matter and would be least disruptive to the ongoing liquidation process.” Information, however, is that Michael will receive assistance from a senior staff of the Central Bank, which would mean that the Central Bank will be more deeply involved in the liquidation process. That process has annoyed many staffers.  Long term employees are up in arms after they were told that they would be receiving less than two percent of their pension plan. For instance, an employee who was expecting to receive a little over twenty thousand dollars is now being told that he will be receiving less than six hundred dollars. The decision to revoke Choice Bank’s license was taken by Prime Minister Dean Barrow, who is also the Minister of Finance, on the advice of the Central Bank.  In April 2018, the bank began experiencing a grave liquidity crisis.

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