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By Mark Fineman |
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September 20, 2000 |
GRENADA'S BANK
ON THE BRINK; ITS FOUNDER HAS MOVED TO UGANDA. THOUSANDS OF U.S.
DEPOSITORS SEEKING A TAX HAVEN MAY FACE HUGE LOSSES |
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Intro: |
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Just three years after he
declared bankruptcy in Oregon, Gilbert A. Ziegler arrived in this
eastern Caribbean island in 1997 on a passport from the Dominion of
Melchizedek, an "ecclesiastical state" that apparently exists only
on the Internet. |
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Excerpt: |
David Marchant, who as publisher of the Miami-based
newsletter Offshore Alert has
led an 18-month crusade against First Bank, asserts that the bank
used new depositors' money to pay impossibly high interest rates to
older depositors until all the money was gone.
Brink, who is now reported to be living in Uganda in one of former
dictator Idi Amin's residences, has denied that allegation numerous
times. He asserted in a series of recent e-mails to depositors and
Grenada's special bank investigator that he is "a target of false
allegations, character smears, insinuations and innuendo" that he
blames on Marchant. He has not
been charged with any wrongdoing.
But with First Bank now teetering, the case offers lessons not only
to future offshore depositors but also to a Caribbean region
increasingly dependent on the hefty license fees that it earns from
its offshore sector. |
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