Loyal Bank exec got citizenship through merit – PM Gonsalves

Loyal Bank executive Adrian Baron did not become a citizen of St Vincent and the Grenadines (SVG) through a Citizenship by Investment (CBI) or Resident by Investment (RBI) programme, but through merit.

On Monday, at a press conference at Cabinet Room, Prime Minister Dr Ralph Gonsalves, who is also the Minister in charge of citizenship and immigration, said Baron was granted citizenship after residing here for eight or nine years.

SEARCHLIGHT has learnt that Baron came to SVG in 2006 and was granted citizenship in 2015.

SVG does not have a CBI or RBI programme, and the Prime Minister has remained steadfastly opposed to such initiatives.

“… You know I never go into individual persons’ situation for citizenship, but you can rest assured that once a citizenship is granted there would have been the requisite due diligence and everything, in the normal way,” Gonsalves said.

He said under the law, if a person is resident here for five years, has made an important contribution in economic or social terms, understands what the citizenship is, can read and speak the English language with proficiency and does not have a bad record, he or she could be accorded citizenship.

“Similarly, and then there is the alternative, the straight seven years naturalization. So, I put that information in the mix. In other words, [it was] dealt with in accordance with the law,” Gonsalves told journalists at cabinet room.

Baron, and another Vincentian, Linda Bullock, were indicted on March 1 by the United States Attorney’s Office in relation to a $50 million international securities fraud and money laundering scheme.

Baron, 63, was employed as the chief business officer (CBO) of Loyal Bank and a director of Loyal Agency. He primarily worked at Loyal Bank’s office in Budapest, Hungary. Prior to being CBO, Baron had been employed as the CEO of Loyal Bank between 2006 and 2014.

Bullock, 57, is the chief executive officer (CEO) of Loyal Bank and a director of Loyal Agency and Trust Corp. She primarily works at Loyal Bank’s office at Villa, SVG.

Loyal Bank Ltd is an offshore bank with offices in Budapest, Hungary and SVG; and Loyal Agency and Trust Corp, an offshore management company, located in SVG.

Baron was taken into custody in Hungary on March 3 and is awaiting an extradition hearing in Hungary. Gonsalves said no formal request has been made to the Government of St Vincent and the Grenadines in relation to Bullock and extradition.

Gonsalves said the Financial Services Authority (FSA) of SVG has had Loyal Bank under scrutiny for a number of years.