KINGSTOWN, St. Vincent, Feb. 9, — Opposition Leader Arnhim Eustace will at a press conference on Monday ask questions about withdrawals of money from the Building and Loan Association ahead of a Financial Services Authority take-over on Feb. 1, a source says.
“I got the impression that he will ask questions for which he knows the answers,” a source told I-Witness News, citing New Democratic Party insiders.
The FSA took over the management and control of Building and Loan after a letter in a newspaper by government-employed economist Luke Browne prompted shareholders to withdraw significant amounts of money.
Reports say that depositors were allowed to withdraw their fund immediately before the imposition of a provision that requires a three-month notice.
Eustace, speaking on his party’s “New Times” on Nice Radio on Monday, said he wanted to know “whether there are any [related] party … transactions for parties who are involved in the process” before the take-over.
On Tuesday on “Current Affairs” on Nice Radio, he returned to the topic and spoke of “insider trading”.
“… One of the things I am interested in hearing about is any withdrawals in recent months or just before, by any related parties. When I say related parties, I mean persons who are connected with the institution or even the government in this regard. I want to know that.
“You see, people are looking at things like insider trading, for want of a better word, in relation to that. We had that in British American and CLICO,” the Opposition Leader said of the collapsed insurance magnate.
“I am very concerned about that and I want to get some information on that and I have asked publicly more than once about that already,” Eustace said on Tuesday.