The Tribune

EDITOR, The Tribune.

I had written this letter several weeks ago regarding Bank of Bahamas’ failings and I am now prompted to send it to you after reading the revelations by the Central Bank Governor in today’s Business section of The Tribune.

I am one of those unfortunate minority shareholders who placed faith in this institution only to see my investment become worthless as a result of the politicisation of the bank.

I would now encourage all minority shareholders to accept Fred Smith’s invitation to entertain a class action suit against the Bank, its Management and its Board of Directors.

Why has this public institution been allowed to deteriorate to such an extent over the past five or six years is inexcusable, particularly when other commercial banks were profitable during the same period?

Don’t play us for fools when you say “we were the only bank actively engaged in commercial lending”.

I have friends who have sizable commercial loans with BOB who were made to provide substantial collateral as well as personal guarantees to support their borrowing.

In sharp contrast, it appears that the criteria for at least 40 loans did not apply.

Certainly their credit committee was conveniently “out to lunch” when the lending decisions were made. I daresay that many of these loans were granted less than three years ago.

You guess the timing.
I was also curious about the “relationship” between Bob and Brickell? A very disillusioned minority shareholder.

MINORITY SHAREHOLDER

Nassau,

December 2, 2014.