Businessman, Leon “Bigger Bigs” Samuel. (IWN file photo)

A commercial bank in St. Vincent has moved to recover millions in loans from businessman Leon “Bigger Bigs” Samuel and his company, Bigger Trucking and Block Construction Co. Ltd.

The loans, at FirstCaribbean International Bank (Barbados) Ltd., have moved from an equitable to a legal mortgage.

Samuel had borrowed money to finance his block-making plant at Yambou and his aggregate mining operation at Rabacca.

His mortgage was at an equitable status, meaning the bank, for security, took possession of all the original title documents of the property and Samuel signed a memorandum of deposit of the title deed.

But, in 2011, government authorities revoked his mining license, citing environmental concerns. This action effectively led to the closure of both operations.

Related: ‘Bigger Bigs’ fined $800 for traffic offences

As a result of the shutdown, Samuel defaulted on loan payments and the bank, through its lawyers Andrew Cummings QC and Anique Cummings, took Samuel and his company to the High Court seeking to recover the loan.

Following evidence adduced before the court, Justice Gertel Thom ordered that the equitable mortgage between Samuel, the company and the bank be upgraded to a legal mortgage — meaning that the bank gets control of the property if the loan is not repaid, as the property is used as security on the loan.

The High Court Judge stated, “It is hereby ordered that: (1) the equitable mortgage between Leon Samuel and Barclays Bank Plc now First Caibbean International Bank (Barbados) Limited bearing number 1842/1997 and dated 6th May 1997 be and is hereby upgraded to a legal mortgage. (2) The amount reflected as due and owing to the bank is ECC$4,211,659.97 being the principal balance and ECC$3,623,914.85 being the interest due and owing as at 19th May, 2014. (3) That interest is to accrue on the aid principal balance at the rate of 12% per annum.(4) The said legal mortgage is to be executed by the Registrar of the High Court of Justice upon payment of taxes and/or fees payable to the Government of St Vincent and the Grenadines,” Justice Thom stated.

Samuel was represented by Akin John.

11 replies on “Bank moves to recover million$ in loans to ‘Bigger Bigs’”

  1. Those responsible for causing Samuel’s financial woes will feel the wrath of justice when their time comes after the next general election. The ULP Gov’t is a wicked, badminded, evil, corrupt and despicable bunch of buccaneers and white collar crooks. Its just a matter of time […]

  2. This is wickedness. How can an innocent, upright born Vincentian citizen be destroyed by the powers that be because of his choice in political affiliation? This is not right!!. Come on Vincentians. Let’s speak out against this wickedness. I am burdened for my country. It seems as if we are allowing some form of darkness to just consume us. Wake up Vincentians. Lord we need your help badly!!!!!!

    To Bigger Bigs: Hold on. Please don’t go under, don’t give up. Justice will prevail.

  3. Lorencio Patterson says:

    This is why I voting for labor come next finger printing. I want to be on the safe side of the law.

  4. Vincy is not an easy place you know that’s all I can say. Here is a man who built a business worth millions from his own hands with hard work and determination and one guy who want to spite him pulled him down for no good reason at all. I have heard many try to justify this nonsense but up to now no one can defend it. The reasons for shutting him down changes every monday morning, they can’t even keep on story straight, but it’s all wickedness.

    Some of you church going people in Vincy need to read yourselves out the church for this one, you all will burn in hell for what you did to this guy. My grandmother told me that the worst thing that could happen is when someone’s eye water falls on you. You all really believe people are going to cry tears of sorrow everyday and night and it’s not going to fall on somebody? You all will meet it.

    Below is a recording of Dr Ralph Gonsalves saying that he will deal with you and your family if you’re not for him . (Audio is the property of the Night Nurse Program with M.London)
    https://soundcloud.com/blane-shoy/wickedness

  5. Its an absolute disgarce when you consider and compare his court treatment with that of Mrs Tamara Marks. He remains a gentleman and praised the magistrate saying she was only doing her job. What a true Christian this man is. Unlike those that persecute him he is a decent citizen, never been accused or charged with any sex crimes, bad name calling or indecent hand gestures, he unlike those persecuters he is a true and real Vincentian patriot.
    If Mr Samuels fails pay these fines and chooses prison instead, he will become a national hero, a true hero of the people, a martyr. Then the ULP and its nasty Marxist section of the leadership and its unforgiving and evil sections of followers will perhaps see some real positive reaction against their treatment of this son of the soil.

    The bank should be recalling the loans it currently has with this government who are in default. Leave Biggs alone and go after the evil government.

  6. According to the loan and interest arrears released, it appears that NDP activist Mr Samuel has not been current with his loan payments. A simple financial math would suggest that before 2011 there were problems with the loans servicing.
    By the way could’nt Samuel have continued his block making at Yambou to mitigate losses.
    Over to you, Luzette. I don’t want to hear any black racist comments…Referring to the businessman as a black man is irrelevant. Ok

  7. Roenal O'Garro says:

    Why people stay so gosh man…… Leon Samuel please remember with God all things are possible and you can do all things with God who strength you.

  8. I’m not in SVG, have not followed these events a whole lot and thus I am not completely informed; however, the cited article noted “…But, in 2011, government authorities revoked his mining license, citing environmental concerns. This action effectively led to the closure of both operations”. I don’t get why people in this forum are suggesting Mr. Biggs should have kept the business running.

    Steps to communism/Karl Marx’ political system:

    1. Abolition of private property. ie encroachment on private property of citizens for the supposed interest of public good.

Comments are closed.