The Caribbean Union Bank (CUB) has “unequivocally” refuted allegations that it has denied customers access to their accounts saying it has become aware of statements made in the media and public domain on the issue.
“CUB unequivocally denies the suggestion and or implication that it has restricted access to any customer’s account,” the bank said in a statement on Thursday night, insisting also that it remains “sound and safe and maintains the ability to meet all depositors’ requests”.
The commercial bank, which is licensed by the St. Kitts-based Eastern Caribbean Central Bank (ECCB), was forced to issue the statement after independent candidate in the January 18 general election, Asot Michael on Thursday stormed into the financial institution demanding access to his funds.
In an expletive-laden video widely circulated on social media, Michael, the former government legislator for the St. Peter constituency, alleges that the bank, in which the government is the majority shareholder, has been refusing to honor his cheques on orders from Prime Minister Gaston Browne in a bid to stymie his election campaign.
Michael said he had been a customer of the bank since its inception 14 years ago, “yet I can’t even get EC$50,000 (One EC dollar=US$0.37 cents).
“What kind of bank can’t give EC$50,000?” he said, adding that a significant sum of US dollars had been wired to his account five days, but he was still unable to access it.
“I am making demands, I want my money, I want to close my accounts I want my cash. I want to pay my workers, I want to continue my campaign, I need to pay bills overseas…. I need my money, I can’t get it,” Michael said.
But in its statement, the CUB said “for the avoidance of doubt, the bank places on record the following incontrovertible facts: Caribbean Union Bank is a local commercial bank which is licensed by the Eastern Caribbean Central Bank. As a licensed financial institution, the bank must fulfil all regulatory requirements. The bank remains sound and safe, and maintains the ability to meet all depositors’ requests.
“CUB is committed to delivering the highest standards of service while maintaining compliance with regulatory requirements in line with the Eastern Caribbean Central Bank and international standards,” it added.
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