IFSA revokes Bank license

On April 2, 2009, the St. Vincent and the Grenadines International Financial Services Authority (‘the Authority’) revoked the banking license of Millennium Bank Inc pursuant to the Authority’s powers under the International Banks Act 2004. This action was taken with the advice of the Minister of Finance in accordance with the said Banking Act, a release from the Authority said on Tuesday, April 7.{{more}}

According to the release, the Authority’s action to revoke the license of Millennium Bank Inc was based on the findings of Kris Beighton and Charles Thresh of KPMG who were appointed to act as joint receivers of the Bank. “These findings revealed unauthorized activity by the Bank during the period January – March 2009,” the release said.

The Authority said it is in the process of seeking the appointment of a Liquidator to wind up the affairs of the Bank, through an application to the High Court by the Hon. Attorney General.

The release further said that on April 3rd 2009, the Director of Public Prosecutions, acting upon information provided by the Financial Intelligence Unit and the International Financial Services Authority, obtained a Restraint Order against the property of William J. Wise, director of Millennium Bank Inc, and several companies believed to be affiliated with and/or under the control of Wise.

“This Restraint Order prohibits any dealing including sale or dispensation of property or diminution in the value of property belonging to Mr. Wise and the said companies, and the property so restrained includes a residence at Ratho Mill and its contents, motor vehicles and boats. The overriding objective of the Restraint Order is to preserve all assets believed to be belonging to Millennium Bank Inc,” the release ended.