(Antigua Sun) Millennium Bank, in St. Vincent & the Grenadines, has been placed in the hands of Receiver, KPMG International, by the country’s government. The government’s financial arm, the International Financial Services Authority (IFSA), has jurisdiction over the offshore financial sector and moved swiftly to place the bank under receivership.
Millennium bank is a subsidiary of United Trust of Switzerland (UT of S) S.A.
Last week, the US Securities and Exchange Commission (SEC), laid out accusations against the bank, alleging that it was involved in a US$68 million Ponzi scheme.
Prime Minister, Dr. Ralph Gonsalves, has spoken on the issue, reminding everyone that his government had sought to prevent the bank from operating on the island after his administration took office in 2001.
