Fifteen (15) months after a court judgement in his favour, businessman Jack Stroll wanted his day in court and answers. In a case that many believe should never have gone this far, the defendants were accused of “playing the court” by KC Leslie Philips as the case veered away from the actual issue and into one of confidentiality.
The case in question is that of Jack Stoll v Brian Stuart-Young, CEO of Global Bank of Commerce (GBC), over around $10m that the bank has refused to pay. KC Leslie Thomas said “not 1 cent has been paid since the deadline,’ despite a November 2022 court judgment against both the GBC and Stuart-Young with a payment deadline of January 6th 2023. With no input from the FSRC, it is left to Stroll to challenge the bank and the CEO.
Thomas expressed himself “flabbergasted” by the line taken by the defendant’s counsel Craig Christopher, who cited rule 44:7 which gives creditors the right to ask questions about the debtor’s financial position and seek answers in writing. This was done back in 2023, but despite constant requests to Stuart Young for both his money and information, there has been a loud silence on the matter.
This became somehow a challenge of confidentiality during which the counsel argued for a closed session, a call Justice Rene Williams rejected earlier today. Although he recognised the frustration of the creditor, rather than allow the requested oral examination at this point, Justice Williams gave the defendant until 15th March to provide answers in writing and pay legal costs, attaching a penal notice to the ruling. Should Stuart-Young fail to comply, he will therefore face a spell in prison.
Assuming the answers are delivered, Stroll has until April 5th to indicate whether an oral examination is still required, such to be expedited with the deputy registrar.
In Parliament on Thursday, PM Gaston Browne accused Jack Stroll of reneging on an agreement that would have protected the global bank and prevented a run on the bank. “ There is no such agreement” said Jack Stroll, “ why would I make an agreement that stops me getting my money?”
This case may be about a major sum of money, but Stroll is not the only investor seeking answers. Government funds have been paid into the GBC, including a substantial donation from Steve Morgan for aid for Barbuda as far back as 2018. The government said this week that CIP monies are no longer held by the bank. Smaller investors, too, have reached out telling their stories, but unable to make redress.