| Forum calls for review of TCI Bank | | Print | |
| Monday, 15 November 2010 12:00 | |||
 Members of the Consultative Forum, disturbed by the recent announcement of full liquidation of the TCI Bank Ltd., have called for an open review of the events that lead up to the bank's ultimate failure. "The sudden closing of the TCI Bank on April 9 caused considerable anxiety amongst TC Islanders - not only about the reasons why but also, more importantly, about the fate of our hard-earned savings. The Supreme Court’s ruling on October 29 to put the Bank into liquidation then turned our anxieties into outright fears," the group said in a statement Nov. 14. Although the group had no power to affect the closing of the bank or subsequent negotiations to rescue it, members said they do have the power however to "demand an accounting - on every aspect of this national tragedy - from the principals involved." "And, with all due respect to the Interim Administration’s CEO, a review by the Financial Services Commission of its own failure of oversight, if not culpability, in this regard is hardly reassuring. The findings of such a review are bound to be dismissed as a whitewash or, worse, a cover up." "Instead we feel the public would be far better served by having all of those involved appear before the Consultative Forum in an open hearing to address our concerns and, hopefully, allay our fears. With the backing of the Governor and Attorney General, forum members have invited the following individuals to appear at a special hearing on Nov. 30 at 10 a.m. (The meeting was set for Nov. 23 but postponed at the last minute): Joseph Connolly – Auditor of the TCIB and NIB In addition, the group also asked the individuals to ensure that the Consultative Forum receives their updated Curriculum Vitae by the end of business on Nov. 12. "It clearly falls to others to determine whether anyone involved in this national tragedy is guilty of any wrongdoing. In the meantime, however, we believe the people of the TCI have a right to have these witnesses address, in a forthright and transparent manner, the facts and circumstances surrounding the formation and failure of the TCI Bank, the appointment of Deloitte and Touche as provisional liquidators, and the reasons why none of the offers to rescue the Bank was accepted – just to name a few." "The Consultative Forum is uniquely positioned to honor this right, and we intend to do so zealously. "
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