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Globe Trust Payout Not Enough For Some Persons

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Even as the way has been cleared for depositors with more than $100,000 to be refunded- some ten years after the liquidation of Globe Trust and Investment Limited, depositors are now complaining bitterly that they are not getting back all the monies they have invested in the company.

One woman told this newscast that her account with Globe Trust had in excess of a $100,000 and now she is being told that she will be paid back $ 6000 of that amount. Another person said that he had just over $400,000 and is now eligible to receive $16000.

However in an interview with this newscast Chartered accountant Nizam Ali who was appointed liquidator said that the money available for payout for this category of depositors is just about $30 M (Guyana dollars).He added that this is in accordance with the high court’s ruling and the financial institutions act.

And despite some of the depositors saying that they will not collect their money, which is believed to be a very meager sum, Ali said that those monies will still be made available.

The liquidator disclosed that payouts were previously made to depositors who were part of thrift funds; pension plans and education trust funds.Those categories of depositors were able to get back all their monies.

Ali noted too that Globe Trust’s debt collection has slowed despite his attempts to reclaim some of the $750 million handed out in unsecured loans; the majority of Globe Trust debtors have ignored repeated calls by Ali to repay, and only a tiny fraction of the funds has been recovered.

But Ali said he is continuing to pursue debtors in the court. He noted that the majority of the cases are against former directors of the institution.

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