INSIDE GRENADA FEBRUARY 17, 2008 GRENADA: All branches of 'Grenada's home grown bank'- Capital Bank International - were taken over by a Receiver appointed by the Government of Grenada on Friday February 15, 2008. The Receiver, David A. Holukoff, is a certified Fraud Examiner and Chartered Accountant. The Government of Grenada on Friday obtained an order from the court for the Receiver of the embattled bank to execute his function. This court order gives him the authority to take over all the bank’s assets. The application was heard by Madam Justice Clare Henry. According to a release from the Office of the Prime Minister, the order to appoint a Receiver for Capital Bank International came about as a result of the failure of Capital Bank in recent months to honour withdrawal requests by its customers, raising questions about the solvency of the financial institution. The failure of the bank to honour withdrawal requests has resulted in at least one law suit being filed against Capital Bank International Ltd. Some persons on the island, however, are of the view that the Government had moved too slow in taking action against the bank in light of the complaints that were made by persons wishing to make withdrawals from their accounts. Outspoken Grenadian attorney-at-law, Anslem Clouden, is currently contemplating getting together with some other lawyers to take action against the Ministry of Finance, headed by Prime Minister Dr. Keith Mitchell, for not acting earlier than they did in the matter. It is believed that Capital Bank International Ltd. is in contravention of certain provisions of the Companies Act. Permanent Secretary in the Ministry of Finance, Mr. Timothy Antoine, declared in his affidavit: that the insurance policy of Capital Bank was cancelled for non payment of the premium; that the monetary council at its meeting on 8th February, 2008 noted the significant deterioration in the situation concerning Capital Bank; and that the Ministry of Finance had received calls from many depositors expressing concerns about their inability to make withdrawals from the Bank. The release from the Government of Grenada further stated that the Minister of Finance took action to safeguard the interests of depositors, and to preserve confidence in the integrity of the banking system in Grenada.