Globe Trust depositors are trickling in for the cash refunds which the liquidators are currently paying out, but nowhere near the numbers expected.
Liquidator Nizam Ali said traffic within the past two days has been slow, noting that letters went out to many depositors. “People might have moved, some have might died…we can’t know for sure until this process has ended”, he said yesterday.
Cash refunds are being paid out to depositors with less than $100,000 dollars and according to Ali there are over 3,000 persons on register who qualify for the refunds. He said just around 20 persons have shown up since Monday.
Ali, who was appointed liquidator, had announced recently that some $45 million dollars has been made available for the payouts following a court ruling by Chief Justice (ag) Ian Chang last month. He explained that monies which are uncollected are turned over to the general reserve funds established under the Bank of Guyana so depositors can go at anytime and claim the money.
Stabroek News caught up with a three depositors yesterday who showed up at Ali’s Camp Street office for the refund. One woman collected her cheque and expressed disappointment. She mumbled something under her breath then stormed off only saying, “I ain’t get what I was suppose to get”. She had two accounts at Globe Trust; one account with savings under $100,000 and another in excess of that amount and payments are only being made to clients with small amounts.
Two other women spoke with this newspaper; both requested anonymity saying they had been in the shadows for so long that it did not feel right “coming out now”. Both women had resigned themselves to the prospect that the monies might have been lost for good.
“It was my children’s education fund”, the first woman said, noting that she had saved up $50,000 for her two children back in 1996 and was heartbroken when the company collapsed.
She said a letter was later dispatched to her in 2005 saying there was a possibility the money might be paid back with interest.
The woman received the refund yesterday with interest and she was visibly happy. She said her children are now ages 17 and 22 years and that “it is something I could still give them”.
The second woman said she had “a little something” in Globe Trust because she managed to withdraw a fair portion of her savings back in 2001 to go on vacation. She vacationed in the US and upon her return Globe Trust was in financial crisis.
“I was so happy I got that money because today I wouldn’t be getting anything…they only paying out to people with small amounts”, she said smiling. Her cheque was not ready yesterday when she turned up, but she was not too bothered. “I’m going to get it back anyway and with interest”, she said, noting that the account only had around $35,000.
