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Luke Browne, the Ministry of Finance economist that wrote a letter in January asking if the Building & Loan Association was about to collapse. (Photo: Facebook)
Luke Browne, the Ministry of Finance economist that wrote a letter in January asking if the Building & Loan Association was about to collapse. (Photo: Facebook)

KINGSTOWN, St. Vincent, April 12, IWN — The Financial Services Authority is considering legal action against former officials of the Building & Loan Association, the FSA told BLA shareholders on Thursday.

But social activist Junior Bacchus, chair of a committee of BLA shareholders interfacing with the FSA in their respective attempts to save the cash-strapped building society, told I-Witness News on Friday that shareholders will take legal action against Luke Browne, if the 72-year-old BLA does not survive.

Browne, a politician under the ruling Unity Labour Party and an economist at the Ministry of Finance, wrote a newspaper letter, published on Jan. 18, raising concerns about the management of the BLA and asking if it was about to collapse.

The BLA was under the oversight of the Ministry of Finance at the time of Browne’s letter and $9 million was withdrawn from the building society during the two weeks after the letter.

“… the Director [of the FSA, Sharda Bollers] was very clear in her mind that the run on Building & Loan was caused by Luke Browne’s letter in the newspaper,” Bacchus told I-Witness News.

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He was responding to questions about what transpired on Thursday at a meeting between the FSA and shareholders of the BLA.

The media was not allowed to attend the meeting.

“She (Bollers) didn’t name him (Browne) but she said the run took place following the publication of a letter on the 18th of January in the newspaper,” Bacchus further said.

“They also said that they are looking at possible legal action against former management, the directors, and possibly other people who were involved in any wrongdoing.

“I also said, when I spoke, that … if Building & Loan doesn’t survive this period, the shareholders will also take legal action against Luke Browne, who triggered the run on the Association. And, that is something that the shareholders are committed to do,” Bacchus told I-Witness News.

5 replies on “Former BLA officials and Luke Browne could end up in court over BLA fiasco”

  1. Even though Luke Browne pen this letter, I think his intension was to let the public (share holders) know what is going on!! Ok 9 million was withdrawn!! Which shareholders WITHDRAW THEIR MONEY/SHARES? BLA TOO DAMN THEIF!! And I AM SPEAKING FROM EXPERIENCE!! REFUSE TO PAY WHEN ONE SHARES MATURE!! Claiming shares was LATE!! Said they sent a letter!! UP TO TODAY NOT A COPY CAN THEY PRODUCE!!

  2. You have got more chance of £……… Dick Whittington’s cat than suing the Browne boy. He has the protection, you must know that? you know what I refer to?

    It sounds like another Judge and Jury decision by a single man, of no case to answer, we striking that out.

  3. patrickferrari says:

    Luke Browne has the same status as a Venezuelan fisherman. Or is it the other way around? It doesn’t matter does it? They are good to go either way.

    Though the Prime Minister was at pains to point out that he would not have said any of what Hans King said, on radio, about killing Bryan Alexander, yet he, the PM, said he would not discipline his press secretary – the man in charge of his image! Actually, he said that it was Alexander who should be carged – with “criminal libel.”

    Though Glen Beache was in charge of a public budget, public funds, for advertising and set up his private advertising company, with a name almost identical – close enough anyway – to the company in Trinidad the public Beache, the Tourism Authority, was doing advertising business with – a textbook case of conflict of interest – it was deemed no conflict of interest, with the flick of the wand. Like pulling a rabbit out of a hat.

    Allan Alexander, PS of the Ministry of Agriculture at the time, decided the department needed a computer cord. He too had his own private company,Kardab Investments Ltd., bought the cord, privately, for some $30-odd, and sold it to US, THE PUBLIC, for nicely over $1000. Again, a textbook case of insider trading, Alexander was moved from the mundane, cash-strapped ministry to the lucrative Invest SGV. A sure promotion if there ever was one.

    There are many other similar instances as they are of the opposite kind. Think the teachers, Otto Sam and Bigger for starters.

    No, like Peterbinnose said, Luke safe, dread. He is an untouchable.

  4. PATRICKFERRARI, I hope your relating to the live Venezuelan fishermen and not those who were killed and no one knows why because the government are trying to sidestep the post mortem. The ULP two step, its becoming as famous as the dance from South Korea, the Gangman Style, a kind of galloping about without a horse.

    Thanks for reminding us all about the ULP routes to personal progress and promotion. Its well known and recorded, to get ahead in any department you have to be a naughty boy, even a dirty boy helps, and corruption is a definite plus.

    The Hands WanKing gun threat affair brought a lot of shame not just to the ULP, but the whole of SVG, and carved away even more of Gonslaves so called good name, which I believe has just about completely disappeared, considering all the sex accusations and rape charge against the fat man, and all the lies, so many they are uncountable.

    All the corruption goes back to the police being frightened to investigate the ULP people when they are naughty. Just look how that architect threatened you with what Glen Jackson got, it could only be a bullet. The police should of picked him up and questioned him. If it had been a little boy sitting on a wall somewhere they would of picked him up and beaten him until he confesses.

    Torture is condoned and blessed by this government, look at how those three policemen who beat that boy into a week long unconscious state, they were convicted and given their jobs back. In my mind that amounts to the state of SVG encouraging and supporting torture by the police. In fact I believe torture is a frequently and well used police method of getting confessions, even false confessions.

    There are still cars driving around Kingstown and elsewhere, stickers on the bumpers and body, “I AM ULP” the majority have no tax and no insurance. The stickers give them immunity. I inspected three such vehicles last week, all their tax discs were way out a date.

    Remember the ULP chants “OWN THE GOVERNMENT” “OWN THE JOBS” I am sure they also believe they own the police and the Judiciary.

    One law for ULP, no law for anyone else.

  5. You will all notice how cousin Julian Francis, the bag man, has gone very quite.

    We all know Francis, it will eventually come to you, you can’t live the life style of a millionaire on a Senators salary without drawing attention to yourself.

    Are you still fixing situations at Buccament, are you still helping those that are unpaid.

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