Eustace questions whether large withdrawals were  made ahead of FSA take-over
February 5, 2013

Eustace questions whether large withdrawals were made ahead of FSA take-over

Did anyone involved in the takeover process of the St Vincent Building and Loan Association withdraw money ahead of the announcement Friday, that the Financial Services Authority had assumed its management?{{more}}

That is the question that Leader of the Opposition Arnhim Eustace said that he would like to have answered.

“… did anybody go and withdraw large sums and get them — before all this,” Eustace said on the New Democratic Party’s “New Times” programme on Nice Radio yesterday.

“That’s a question I want an answer to and I will find the answer, one way or the other,” he said.

“I want to know whether there are any [related] party … transactions for parties who are involved in the process … just before all this happened. That’s very important and it goes to a lot of matters and that’s why I am asking that today in this forum here,” Eustace said, noting that by “parties” he was not referring to political parties.

The FSA take over of Building and Loan came two weeks after government-employed economist Luke Browne raised concerns about the financial institution and asked if it was on the verge of collapse.

Reports say that several persons withdrew their investments from Building and Loan on the heels of Browne’s letter.

Debon Moses, administrative assistant at the FSA, told SEARCHLIGHT by telephone yesterday that the authority’s director and deputy director were not available to take calls.

Moses further said that the authority was “in the process of organising a press release and possibly a press conference” and directed SEARCHLIGHT to send its inquiries to an email address.

However, at the end of the business day yesterday, the FSA was yet to respond to SEARCHLIGHT’s inquiries about the question Eustace raised. (