PRovidenciales, 3 Nov 2014 – Over 200 policy holders turned out last night for the meeting to determine the fate of investments in British Atlantic Financial Services Ltd, BAFSL. Though the group was entreated to vote on whether or not they wanted to see the institution liquidated, the meeting saw the customers taking a stand to have more time to consider the next move.
There is reportedly a requirement to have 75% agreement to close BAFSL down; the court has yet to make the decision. Documents were provided outlining the pros and cons we are told, but one twenty plus year customer explained most people were not so ready to vote to liquidate and most wanted to hear more from Managing Director, Wilbur Caley on what happened to the company to cause it to be in this position. There have been scathing opinions too for the FSC Managing Director, Kevin Higgins; a call for him to resign, to go home.
Higgins is originally from The Bahamas. Questions about why Turks and Caicos Islanders appear to be losing every time with these financial institution closures also raged in the 90 minute meeting which was chaired by Wilbur Caley and Jo Connolly of PriceWaterHouseCoopers.