| Forum cancels TCI Bank review hearing | | Print | |
| Friday, 26 November 2010 14:13 | |||
 Witnesses called to testify before the Consultative Forum about the collapse of TCI Bank Ltd. have either changed their minds about appearing or didn’t respond to the forum’s request, forcing the hearing set for Nov. 30 to be called off.
Forum Chairwoman Lillian Misick conceded in a press statement Nov. 25 that the forum does not have the power to compel witnesses to appear, but she is asking the governor to grant those powers. “I am on record stating that the people of the TCI have a right to have these witnesses address, in a forthright and transparent manner, the facts and circumstances surrounding this national tragedy,” Misick said. “Furthermore, that the forum is uniquely positioned to honor this right, and that we intended to do so zealously. “But I am also on record stating that the members of the forum have no executive authority; and that, unfortunately, the power to recommend, which forum members enjoy, is not the power to compel, which only the governor enjoys. Invited to appear at the hearing were:
The country’s only indigenous bank had been in trouble for several years, overburdened with non-performing loans. Then in April, the FSC petitioned the court to put the bank into provisional liquidation to prevent a run on the bank and to save what assets the bank had left after several large withdrawals were made. Several offers were made to save the bank, but Justice Richard Williams decided Oct. 29 to order the bank into full liquidation, meaning thousands of customers will get only pennies on the dollar for their deposits. Shareholders likely will receive nothing.
|
Related Articles
Entertainment: Your Island Guide
|
Top things to do in April Top things to do in April 1. From Golfing to More... |
|
Valentine’s Day Cup 2013 model sailboat races The Middle Caicos Sailboat Association will once again present the annual model sailboat races at More... |
|
Lime and Tourist Board announce weekly Fish Fry The Turks & Caicos Tourist Board & LIME partner with Cultural Fish Fry The Turks & Caicos Tourist More... |
|
Turks & Caicos Reef Fun to host dazzling evening The Turks and Caicos Reef Fund will host its 2nd Annual Cocktail Party Reception on Jan. 26 at the More... |
|
Fashion Glam at Regent Palms The Regent Palms is inviting everyone to an evening of fashion and glamour at their event being More... |
Latest Community News
|
Cholera Clinical Management Training Held in the TCI Healthcare professionals from the TCI Health Services were trained in the Clinical Management of More... |
|
Illegal Haitian immigrants Intercepted Illegal Haitian Immigrants Intercepted, to the Repatriated According to the Ministry of Border More... |
|
Ministry of Health Reminding public about sanitation Health surveillance teams attached to the Ministry of Health and Human Services (MOHHS) have More... |
|
Scholarship applications now being accepted The Ministry of Education has announced that they are now accepting applications for scholarships More... |
|
History and traditions stay alive at the 13th annual boat races in Middle Caicos The 2013 Valentines Day Cup welcomed many fun loving residents and tourists to Middle Caicos’ More... |