The Globe Trust and Investment Company Limited (GTICL) building is up for sale as liquidator Nizam Ali and Company presses ahead with recovering funds from the bankrupt institution.
The property, located at the East half of the west half of Lot 92 North Cummingsburg was advertised for sale in Thursday’s edition of Stabroek News.
The liquidator is currently inviting tenders up until the end of July. Intended buyers must purchase the tender package for the sum of $5,000 from Nizam Ali and Company located on Camp Street.
Nizam Ali recently moved against debtors and approached the court to recover some funds. Prior to the move Globe Trust debtors had largely been silent.
Ali told Stabroek News a few months ago that he has recovered a fraction of the institution’s funds since taking legal action, and had referred to the general collection as “poor and substantially below what is needed”.
He had explained that the slow recovery process dragged on for months as debtors ignored his calls to reimburse the company.
Since the court ordered the compulsory liquidation of Globe Trust last year and appointed Ali’s company as liquidator there has been little movement in the process. Ali assessed the situation as a troubling one given that a substantial amount of Globe Trust funds was assigned as loans.
Ali had sent out letters to depositors several months ago seeking confirmation of their balances and a few persons initially responded, but the numbers later increased considerably.
The Bank of Guyana filed an application last October asking that an order be granted for the compulsory liquidation of GTICL as provided for under the Financial Institutions Act after an investment deal for the troubled institution failed to materialise. It was the second such application–the first was filed in 2002.
