With calculated precision, an ambush was executed on the premises of the Caribbean Commercial Bank last Friday. I do not believe that either Anguilla’s attack on St Kitts on 10th June 1967, or the British invasion of Anguilla on 19th March 1969, caught any of the intended targets as surprised, off-guard and unprepared as Friday’s ambush. The surprise attack was obviously designed to get the attention of the Caribbean Commercial Bank and the Eastern Caribbean Central Bank. It achieved just that. On a Friday afternoon, during peak time when many workers were seeking to cash their wage cheques, the troops swarmed the bank and began the seizure of physical assets. The troops (employees of a trucking company and bailiffs) were acting on the direction of the attorney for Mrs Starry Benjamin.
Mrs Benjamin had been unceremoniously dismissed as Managing Director of the Caribbean Commercial Bank in 2013. The High Court ruled that her dismissal was wrongful and awarded damages in her favour. However, the Caribbean Commercial Bank and the Eastern Caribbean Central Bank failed to pay the judgment debt. As was her right to do, Mrs Benajmin sought, last Friday, to enforce the judgment by seizing the bank’s assets. Her actions certainly sent a strong message that she was serious about claiming what was due to her. The result of this high-day takeover was that the bank had to be closed to the public leaving a crowd of workers bewildered but, more importantly, unable to cash their cheques.
The news of the bank’s closure hit the airwaves when DJ Hammer, the well known radio personality, arrived at the scene and began a live broadcast. Initially unaware of the reason for the closure, Hammer informed the public of his observations on the scene. On learning of the sudden closure of the bank, scores of spectators, speculators and concerned citizens converged in the area of the bank to get a firsthand view of what was unfolding. A sense of alarm pervaded the entire country as many persons thought that the closure was connected to the ongoing banking crisis, and were therefore concerned that the bank had gone under and their savings were lost. However, on observing the presence of the trucking company and the removal of computers, DJ Hammer was able to inform the public that this particular crisis was of a different nature. This information, however, did not alleviate the growing swell of people who came to witness the spectacle. The blockage of the road leading to the bank, by the Royal Anguilla Police Force, also did not keep people away. They parked their cars and jeeps all along the roadsides and walked towards the bank.
The response of the public to the situation signals a bigger issue. The Anguillian people are uneasy and deeply concerned about the future of our local banks. They are fearful of losing the savings they have worked so hard to accumulate. People are worried about the security of the futures they have tried to build for their children and their families. Any resolution of the banking crisis must bear in mind that the stakes for the ordinary person are high. For the several persons who were unable to cash their cheques on Friday, the weekend may have been a struggle as they may not have had any other means of supporting themselves and their families. For the many others who are customers of the Caribbean Commercial Bank and the National Bank of Anguilla, I am sure they have become more anxious and have begun to think even more strategically about what they can do differently to secure their money.
We applaud the Honourable Chief Minister, Mr Victor Banks, for the efforts of his Government to resolve last Friday’s situation, and for seeking to assure the public that the events were unconnected to the current banking crisis. It was evident from the Chief Minister’s statement that a resolution had been reached that would have resulted in the Caribbean Commercial Bank resuming its usual operations on Monday 29th June 2015. The Chief Minister’s word proved to be true when the bank reopened at its usual time on Monday.
Unfortunately, many persons have criticized the actions taken by the former Managing Director of the bank, Mrs Starry Benjamin – and the timing of those actions – as being selfish, in that the closure of the bank disenfranchised several persons who could not access their money, and may have resulted in hardship to their families over the weekend. However, I believe that Mrs Benjamin should be applauded for seeking to assert her legal rights and ensuring that the debt owed to her was no longer ignored. If the debt had been paid, in a timely manner, the entire situation could have been avoided. It is unfortunate that such drastic action had to be taken to force the Caribbean Commercial Bank, and the Eastern Caribbean Central Bank, to pay her what is rightfully hers.
Now that the troops have retreated, and a truce has been reached, we await further word from our Government on the future of our local banks.
