Antigua and Barbuda Regulator Replaces Disgraced Executive

by Phillip Morton, Investors Offshore.com

02 September 2009

The Antigua and Barbuda Ministry of Finance, the Economy and Public Administration has this week announced the appointment of a new Chief Executive Officer at the Financial Services Regulatory Commission.

The Commission came under scrutiny over its failings in relation to the ongoing case against Allen Stanford, who is facing federal criminal charges in the United States for running an alleged USD7bn ‘Ponzi’ scheme.

Also indicted, facing charges of abetting Stanford, was Leroy King, former head of the Antigua and Barbuda Financial Services Regulatory Commission (FSRC).

King has been replaced by John Benjamin, who assumed the role on August 24, 2009, the Finance Ministry announced.

“Mr Benjamin brings to the FSRC over 40 years of professional experience in banking and finance, having started his initial career with Barclays Bank Plc where he served for over 9 years. He later worked at the Antigua Commercial Bank in the capacities of Accountant, General Manager and Group General Manager for over 27 years and, more recently, held the position of Managing Director at TCI Bank Limited, the first indigenous bank of the Turks and Caicos Islands,” the Ministry explained in a statement.

“An affiliate of the British Chartered Institute of Bankers, Mr Benjamin has also qualified as a Trust and Estate Practitioner with the Society for Trust and Estate Practitioners (STEP). John Benjamin’s appointment took effect from August 24, 2009, and will run for a period of six months,” it concluded.

Commenting in late-July, following the indictment of Leroy King, Verlyn Faustin, head of the International Financial Services Providers Association of Antigua and Barbuda, defended the jurisdiction as a reputable well-regulated jurisdiction:

“In light of the recent US indictments of Stanford International Bank’s Allen Stanford and Leroy King, former head of the Antigua and Barbuda Financial Services Regulatory Commission (FSRC), we must emphasize that the international financial services regulated in our country are operated with integrity and in accordance with the highest standards of fiduciary practice. The jurisdiction is comprised of many hard-working professionals who do not tolerate fraud, fiscal wrong doing and other financial crimes, and who continue to honor best practices with respect to international banking standards and prudent self-regulatory controls,” he stated.

In its own statement in July, Antigua and Barbuda's Financial Services Regulatory Commission (FSRC) announced that:

“The Commission takes this opportunity as the regulator of international banks and other international financial institutions in Antigua and Barbuda to reaffirm its unequivocal commitment to the protection of depositors and the public as well as the preservation of Antigua and Barbuda’s reputation as an offshore banking jurisdiction. We will continue to pursue excellence and to address issues in an ongoing effort to better serve the public.”

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