THANKS BUT NO THANKS: Top choice for Antigua regulator opts out

03/07/2009 20:45:39

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ST JOHN’S, Antigua, July 3, 2009 – The man who was to fill the top spot at Antigua’s Financial Services Regulatory Commission (FSRC) has bowed to public pressure over a potential conflict of interest and has decided not to take the job after all.

Everett Christian was to begin as Chief Executive Officer (CEO) of the Commission on Wednesday. The Baldwin Spencer Cabinet had announced last Thursday that Christian, Country Manager of the Antigua and Barbuda Investment Bank and head of the Antigua and Barbuda Chamber of Commerce and Industry, was chosen at the same time that it was decided that former FSRC boss, Leroy King, should be fired.

But in a statement issued yesterday, Christian said while he’s the best choice for the job, the time was just not right.

“To be quite frank, I know that I am the best candidate for the job at this point in time, but for me to succeed with the monumental task that awaited me I would need the unflinching support of The Government, the Board of Directors and of the staff of the Commission. But most of all, I would need the support and confidence of every Antiguan and Barbudan. In my over 40 years in the financial services industry, my name has never been linked with any conflict or potential conflict of interest or other impropriety, and I was absolutely sure that it would not have, in this instance or in the future,” he said.

“However, in view of some of the negative public utterances, I have decided it would be in the best interest of all concerned to regrettably but politely decline the appointment. The last thing Antigua and Barbuda needs at this time is another controversy, real or contrived, regarding the CEO of its offshore regulatory body.

“This has been one of the more difficult decisions for me to make in my professional life, but I hope that the Board of Directors and the Cabinet will be able to identify an equally suitable replacement, to head this most important agency at such a critical juncture,” Christian added.

The FSRC had been thrown into the spotlight when investor Sir Allen was accused of fraud back in February and concerns were raised internationally about its oversight capability.

Further questions were raised when the former FSRC boss was accused by United States authorities of aiding Sir Allen’s alleged US$8 billion fraud at the Stanford International Bank (SIB). It has been alleged that King conducted sham audits and examinations of the bank’s books and records and turned a blind eye to the illegal activities, in exchange for hundreds of thousands of dollars in bribes and gifts from
the investor.

Christian was expected to lead the effort to rebuild the FSRC’s image as well as a Cabinet-ordered compliance audit of all companies registered with the Commission.

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