Grenada Threatens To Close Bank Crozier

PT       2003-05-15 
Rumours swirling around Bank Crozier in Grenada may be scotched today when customer accounts which have been frozen for two weeks are due to be unfrozen, according to a Grenadian official of the bank who spoke to investors offshore news yesterday. Bank Crozier's head office in Barclelona says that they are not aware of any fundamental problem with the Grenadian bank.
PricewaterhouseCoopers, who have been acting as controllers of the bank since last autumn under a Section 20 Order of the Offshore Banking Act, confirmed this week that Grenada's Finance Minister Anthony Boatswain announced on 30th April his intention to revoke the Bank's license, and it is this that led to the freezing of customer accounts. It is understood that the Bank's management has been protesting against the closure order.