Globe Trust liquidator Nizam Ali said yesterday that refunds to small depositors are winding down but just around forty percent of the persons targeted were repaid.
Since the company started payouts two months ago, depositors with accounts under $100,000 have been trickling in, Ali said. He believes the bulk of the people have showed up given that people have migrated, changed addresses and in some cases, died.
He estimated that the majority of cases would be handled in a week’s time, which would see the end of that part of the process around December 15. However, Ali emphasized that their doors would still be open for any small depositor who is yet to be refunded. “They can come in after that date and we will certainly look at them, but I figure that things would slow down by then and we can look ahead to the next step,” Ali said.
He pointed out that the company would hold the money for small depositors for a year before it goes into the treasury. Ali stressed that depositors would be able to claim the payments at any time.
With respect to the next step, he said, Globe Trust has to focus on depositors with accounts over $100,000 and the records show that this amounts to around 1,000 persons. The small depositors numbered 3,050.
However, things are not looking good for large account holders.
Ali said bluntly that depositors in this category should not look forward to “anything much” and that they will only be able to collect a percentage back.
Globe Trust had filed the Schedule of Steps in keeping with the law and the next step is only possible if there were no objections to the steps.
Ali said that he is awaiting word from the attorneys but to date he has not been advised of any objections filed.
Globe Trust’s larger account holders could expect refunds in the new year, but as Ali puts it, “things are looking bleak.”
