Antigua Financial institution CUB denies stopping clients from accessing their accounts
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Antigua Financial institution CUB denies stopping clients from accessing their accounts

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The Caribbean Union Financial institution (CUB) has “unequivocally” refuted allegations that it has denied clients entry to their accounts saying it has turn into conscious of statements made within the media and public area on the difficulty.

“CUB unequivocally denies the suggestion and or implication that it has restricted entry to any buyer’s account,” the financial institution stated in an announcement on Thursday night time, insisting additionally that it stays “sound and protected and maintains the flexibility to satisfy all depositors’ requests”.

The industrial financial institution, which is licensed by the St. Kitts-based Jap Caribbean Central Financial institution (ECCB), was compelled to concern the assertion after unbiased candidate within the January 18 common election, Asot Michael on Thursday stormed into the monetary establishment demanding entry to his funds.

– Commercial –

In an expletive-laden video broadly circulated on social media, Michael, the previous authorities legislator for the St. Peter constituency, alleges that the financial institution, by which the federal government is almost all shareholder, has been refusing to honor his cheques on orders from Prime Minister Gaston Browne in a bid to stymie his election marketing campaign.

Michael stated he had been a buyer of the financial institution since its inception 14 years in the past, “but I can’t even get EC$50,000 (One EC greenback=US$0.37 cents).

“What sort of financial institution can’t give EC$50,000?” he stated, including {that a} important sum of US {dollars} had been wired to his account 5 days, however he was nonetheless unable to entry it.

“I’m making calls for, I need my cash, I need to shut my accounts I need my money. I need to pay my employees, I need to proceed my marketing campaign, I have to pay payments abroad…. I want my cash, I can’t get it,” Michael stated.

However in its assertion, the CUB stated “for the avoidance of doubt, the financial institution locations on report the next incontrovertible information: Caribbean Union Financial institution is an area industrial financial institution which is licensed by the Jap Caribbean Central Financial institution. As a licensed monetary establishment, the financial institution should fulfil all regulatory necessities. The financial institution stays sound and protected, and maintains the flexibility to satisfy all depositors’ requests.

“CUB is dedicated to delivering the very best requirements of service whereas sustaining compliance with regulatory necessities consistent with the Jap Caribbean Central Financial institution and worldwide requirements,” it added.

CMC/