The Editor Grenadianconnections (This letter was first published on Friday 18th September, 2009) Dear Sir/Madam, I take this opportunity to write to you on an item of great significance to the people of Grenada more so those who have deposited their hard earn cash in Capital Bank International Ltd. Today Marks One Year (1yr) since the reckless revocation of CAPBANK’S License by Hon. Nazim Burke Minister of Finance on the advice of Mr. Jimmy James Bristol, the former Attorney General. Since then, the Government has been trying to deny the bank its right to Appeal the Revocation by filing a frivolous preliminary point to disqualify the bank, rather than defending in court the reason given to the public for his action. The important question here is why? These reasons are all unfounded and are just a smoke screen to cover up the deception of Hon. Burke and Mr. Bristol. The truth is, at the heart of the CAPBANK matter is a case brought against the Eastern Caribbean Central Bank (ECCB) by CAPBANK over eight (8) years ago involving damages for wrongful denial of the banks entry into the Clearing House. The claim is estimated at $100 million. Mr. Jimmy Bristol had been the Legal representative of the ECCB in the CAPBANK matter and has been enjoying high legal fees for the past eight years. The Government of Grenada is also a party to the case, and the former NNP Government has always maintained that the bank is dully licensed and is entitled to its clearing house facilities. The ECCB on the other hand contended that the bank is not dully licensed, but used the said Attorney to delay a hearing of the matter by adjournments after adjournments. Why? They do not want the Case to be tried, because CAPBANK will have to be compensated. As you may recall, the High Court of Grenada ruled since May 2008 that the appointment of the Receiver into CAPBANK by the former NNP Government was unlawful and ordered that the bank be handed back to the banks Board of Directors. The NNP government got a stay of that order pending an appeal. This stay remained in force until the General Elections of July 8 2008. In July 2008, Mr. Jimmy Bristol became the Attorney General of Grenada and was now representing the Government Grenada in the same matter in which he has been advising the ECCB for the past eight (8) years. He is therefore, now in a position to influence the Government side as well as the ECCB side in the matter. Oh what a conflict of interest. In their usual deceptive style, both Mr. Bristol and Hon. Burke agreed to discontinue the appeal of the former NNP Government on the grounds that there was no reasonable basis for the appeal. Mr. Bristol signed a consent order on behalf of the Government and Mr. Hood signed one on behalf of the CAPBANK on August 6th 2008. But rather than filing the consent order as is the norm, Mr. Bristol held on to the consent order only filing it on September 18, 2008. In the mean time, the Receiver of CAPBANK through his attorneys wrote the Registrar on September 17th, 2008 requesting that the eight (8) years case between CAPBANK the ECCB and the Government of Grenada be set aside indefinitely. The case was set to be heard two (2) business days later on September 21st, 2008. The next day, September 18th, 2008 the said Receiver’s appointment was revoked by Hon. Burke in keeping with the consent order signed since August 6th, 2008. On that Same day, September 18th, 2008 Hon. Nazim Burke proceeded to revoke the banks License and also reappoint the Receiver Mr. David Hollocuff as Receiver of CAPBANK. Hon. Burke then petitioned the court to appoint the said Mr. David Hollocuff as Liquidator of CAPBANK to dispose of the Banks Assets and Wind up the company. All this is a desperate attempt to stop the case between CAPBANK and the ECCB from ever been heard because CAPBANK would be no more. Hon. Nazim Burke know that $29 million was the amount Mr. Hollocuff planed to loose when he dispose of the banks assets at his sole discretion, and in his usual deceptive style; started preparing the CAPBANK Depositors for the imminent loss of their deposit, while arresting Mr. De Bourg to put up another smoke screen to blame him for the losses. Thanks to the brilliance of Mr. Hood, the Liquidator proceedings were stayed and strong representations made in defense of the revocation of the banks license. A ruling in the license matter is due shortly. In the mean time, Hon. Burke and Mr. Bristol have continued to devalue the assets of the bank eroding the depositors funds through reckless payments to the Receiver for doing nothing in the interest of the depositors while at the same time delaying a resolution of the matter thereby preventing the depositors from getting their monies in these Hard Economic Times. It appears to me, Hon. Burke is prepared to allow about 6000 Grenadian; some of whom is from St Marks, the parish he labeled and paraded around the country and the region not too long ago as being the poorest to loose their deposit as he try to protect a large institution at their expense. How ruthless. Hon. Burke have a heart. Isn’t it part of your responsibility to protect the poor and vulnerable of the country? We must remember, it’s the same National Democratic Congress (NDC) while in opposition labeled the NNP Government as being corrupt and pledge that if given the opportunity to Governed the country theirs will be a Government of Transparency, Accountability, Integrity and Good Governance, but what the loving, peaceful citizen of Grenada have experienced since the NDC came into office is the total opposite to what they have promised. For certain, even the blind could see it’s not the NNP that was corrupt, but we are experiencing the corruption now. I thank you Pastor Winston Garraway (The views and opinions expressed in this letter are those of the writer and not necessarily those of Grenadian Connection)