Nizam Ali, the liquidator for Globe Trust and Investment Company Limited (GTICL), is in the process of settling with large depositors and based on funds recovered the payout is likely to be around 5% across-the-board.
Globe Trust’s 900 depositors who invested over $100,000 in the failed institution would receive what the liquidator described as “a dismal refund.” The liquidation law prioritises persons classified as small depositors, which meant those accounts had to be cleared first. “It is really bad but we are working with what we have,” Ali said on Tuesday, while noting that letters have already gone out to depositors. He said that persons are likely to visit his Camp Street office this week for the payments.
Some of the large depositors had invested close to $2 million dollars in the failed institution, but Ali emphasised
