First International Bank of Grenada Limited ("FIBG")

In Liquidation

Page last updated: July 8, 2002

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.


Status of FIBG Liquidation as at June 1, 2002:


The Liquidator has now completed and filed his Third Report with the Supreme Court of Grenada in respect of the liquidation of FIBG. The issuance of this report was delayed while we attempted to resolve a number of significant asset issues, so that we could report on same to the Grenada Court and the FIBG depositors/creditors.

An electronic copy of our Third Report (excluding the Appendices) is attached below. A complete copy of the report, including the Appendices, is available to interested parties at the Supreme Court of Grenada.

[May 2, 2002]
The Liquidator is still in the process of preparing his Third Report to be filed with the Supreme Court of Grenada in respect of the liquidation of FIBG. The delay is a result of recent developments in the examinations of the principles and directors of the bank, as well as issues in respect of realizing on the bank's assets held abroad. The Liquidator anticipates completing his Third Report by May 31, 2002. A copy of the report will be posted to this Web site.

[Mar 28, 2002]
The Liquidator is in the process of preparing his Third Report to be filed with the Supreme Court of Grenada in respect of the liquidation of FIBG. We anticipate that this Report will be finished by April 15, 2002, at which time an electronic copy (excluding the Appendices) will be attached to this website. A complete copy of the Report, including the Appendices, will be available to interested parties at the Supreme Court of Grenada.

[Aug 3, 2001]
The Liquidator has prepared and filed his Second Report dated June 25,2001 with the Supreme Court of Grenada. An electronic copy of this report (excluding the Appendices) is attached below. A complete copy of the report, including the Appendices, is available to interested parties at the Supreme Court of Grenada.

[Apr 23, 2001]
PricewaterhouseCoopers (W.I.) Inc. was appointed Liquidator of First International Bank of Grenada Limited by the Supreme Court of Grenada and the West Indies Associated States (High Court of Justice) on February 28, 2001. The February 28, 2001 Court Order was varied on March 2, 2001 to substitute Marcus A. Wide, a director of PricewaterhouseCoopers (W.I.) Inc., as Liquidator (the "Liquidator"). An electronic copy of the March 2, 2001 Order appointing the Liquidator ("Appointment Order") is attached below.

This website was established by the Liquidator in order to provide FIBG's creditors, depositors and other interested parties with information regarding the status of the liquidation and to communicate the future actions and findings of the Liquidator.

A preliminary review of the assets, undertakings and liabilities of FIBG has been completed by the Liquidator. The results of this review are contained in the First Report of Marcus A. Wide Liquidator, dated March 16, 2001. An electronic copy of this report (excluding the Appendices) is attached below. A complete copy of the report, including the Appendices, has been filed and is available to interested parties at the Supreme Court of Grenada.

In order to defray significant costs, the Liquidator is seeking to obtain an Order from the Supreme Court of Grenada and the West Indies Associated States (High Court of Justice) allowing him to dispense with the sending of the Appointment Order to all creditors and depositors by registered mail (pursuant to paragraph 23), but alternatively allowing the Liquidator to send a copy of the Appointment Order by regular mail.

It is the Liquidator's intention to provide all creditors and depositors with a copy of his correspondence dated April 23, 2001. This correspondence includes a preliminary assessment of the issues impacting the asset realization process, and states based on the Liquidator's assessment to date, that there will be a significant shortfall to creditors and depositors, and that it is possible that realizations from the assets will be so insignificant that not even a nominal distribution to creditors and depositors will be made. Further, the correspondence advises that the Liquidator anticipates that it will take until at least the end of July 2001 to take its investigation and realization process to the point where it can make an informed estimate of the ultimate outcome of the recovery process. An electronic copy of the Liquidator's April 23, 2001 correspondence is attached below.

It is the Liquidator's intention to update this site on a regular basis in order to keep the creditors, depositors and other interested parties informed.

For more information, please contact:

PricewaterhouseCoopers (W.I) Inc.
The Carenage
P.O. Box 124
St. George's
Grenada, West Indies
Telephone: +1 (473) 435 2378 or +1 (403) 509 7500
Fax: +1 (403) 781 1825


Court Orders:
892k Court Order Appointing Marcus A. Wide Liquidator


Liquidator Reports:
892k Third Report of Marcus A. Wide, Liquidator
892k Second Report of Marcus A. Wide, Liquidator
892k First Report of Marcus A. Wide, Liquidator


Creditors' Correspondence:
892k Liquidators Correspondence to Creditors, dated April 23, 2001


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