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In my view it is high time someone with a public profile speak for those who are well founded by way of reasoning to feel the Government has failed to act in their best interest.

Anslem Clouden is a right and proper person to hold the Government to book.  He is a lawyer held in high esteem, has an elevated sense of public advocacy on a wide range of issues and has a record of standing against political abuse.  I am however, bewildered by reports that many within the Government views Clouden’s outspokenness on the Capital Bank international limited issue as a betrayal – he is “against them.”

This Government ought to be reminded it is its duty to “protect” every citizen.  Capital Bank operated with the blessing of the State – Grenada is a country of laws – we live under law.

On its face the bank and the alleged fraudulent activities went unchallenged or unnoticed by the State – depositors have a natural, legal not to mention moral right to expect and demand that their Government act swiftly, to protect Grenadians who can rightly claim to have been seduced and duped by the bank. Capital Bank evoked jingoism and nationalistic fervor to entice savers with the tacit approval of the State – which licensed the bank to operate.

My name is Stanley Charles, I am not a public person but as a citizen I can and do express my views on issues.  Given the unfolding debate over Capital Bank International – I write to support Anslem Clouden’s attempt to ventilate the issue reflect public opinion on a matter which is deserving of greater sensitivity and urgency of action by those who are elected to be custodians and “defenders” of the public good. 

Despite advice which argues I will be “jeopardy” – the two issues I have pending – the Government failure to compensate me borders callous and flagrant disregard for law.  The State case against me on charges of Seditious Libel has been dropped.  I experienced extreme hardship I went to jail, passport taken away for several years forced to report to the Police Station on a daily basis for several years, not allowed to travel to my wife’s mother funeral in Canada and presently experiencing threats to be expunged from a building which lease has been assigned to me.  It appears it is inconvenience to this Government to uphold the law a most “disingenuous” posture.  I represent a bridgehead in a family attempt to be major players in the fishing industry producing value added products and the export of fish.

The Government may respond, driven by vindictiveness and pure bloody-mindedness towards me for going public.

What follows is an edited version of an uncommissioned briefing I did for the Prime Minister urging that he act to protect Grenadians from the alleged fraudulent activities perpetrated by Capital Bank International Limited against unsophisticated and unsuspecting nationalistic savers – Grenadians.

To:                          Prime Minister

 

From:                     Stanley Charles

 

Date:                      May 11^th, 2010

 

 

Prime Minister the Bank has “a forty-seven billion dollar insolvency hold” (CLICO Investment Bank) and is unable to pay its debts as they fall due.  See Sunday express 18^th April (investigative) article written by Camini Marajh.  An appropriate decisive and pragmatic response is required (Grenada) self interest dictates you act without hesitancy.

In Law

The complexities and multilayer financial dexterity (self dealing according to the Central Bank of Trinidad and Tobago/Insider Trading) of CL Financial (CLICO/British American) and the range of CL Financial activities crosses international borders, will “in law” prove to be ultimately fraudulent. 

Your Responsibility

It is your responsibility Prime Minister – it is the responsibility of the State in a democracy “to protect all its citizens.”  Clearly the policing of businesses and financial institutions experiences short comings in a small state like Grenada. 

 

Pragmatic/Pre-emptive

On its face not withstanding “legal action” in other countries – you Prime Minister must take bold pragmatic and pre-emptive action in Grenada’s self interest

1. 1.   Take control of Capital Bank International building to deter any attempt by mortgagees (CLICO is reported to be the first mortgagee to the bank) or debtors to legally control the building.  Grenadian depositors, savers, interest must be protected immediately. See example 1

 

A Holding and Clearing House

The Eastern Caribbean Central Bank is more of a “Holding and clearing House.”  Grenada has no reserves, no money for counterpart funding.  It is almost impossible to offer bail outs of stimulus initiative.

I urge you to go with your change mandate and act – the interest of Grenadians and Grenada is and must always be “paramount” in guiding your decisions however difficult and at times excruciating politically, economically or socially in the medium to short term.

A God of equity

Example 1 – A God of equity – you may recall Prime Minister I discussed the issue of capital bank and you accepted the logic.  A management group.  No Government agency should be involved.  This must be driven by the “commercial real-estate market.”  Why should the building become a “white elephant” because of legal issues when it can be a dependable generator of wealth and jobs?

Can I remind you Prime Minister you said on record you believe in a “God of equity” (at the GCNA).  The Grenadian savers who became victim of Capital Bank International received no protection from their Government (The State) who granted a license to a fraudulent bank.  Where is the equity for the poor Grenadian Saver who was duped?

Change

Example 3 Change – The failure of a Bank in Germany forced the Bank for International Settlement to Change the rules (around the world pre the current crisis).  The World Recession triggered by the USA.  The IMF, The World Bank, The USA and all major countries including China changed their rules.

The USA, the undisputed CITIDEL of Capitalism openly pursued state ownership and state bailout to save banks, insurance and auto companies to face down the recession.  The European story is not dissimilar.  Canada, the UK, Germany and  Spain throughout the rule book to save the jobs of auto workers in American owned companies based in their respective country. 

Prime Minister with deep respect for your office and your own clarity in your intellectual ability, I can not see how you and your government can be governed by rules that has been proven to be obsolete dating back to the days of direct British rule.  I urge you to act in the interest of Grenadians and exploit the mandate of change their overwhelmingly gave you at the poles.

For Publishers use only.  Should in case you need to contact me for verification call 456-4660