Global Fidelity Bank, Ltd. (In Official Liquidation) - Licence Revoked (2021-07-23)

Summary

This is a public enforcement notice from CIMA announcing that it has revoked the Category B Banking Licence of Global Fidelity Bank, Ltd. under section 18(1)(i) of the Banks and Trust Companies Act (2021 Revision). The revocation follows the Grand Court placing the bank into Official Liquidation on 22 July 2021 and the appointment of Joint Official Liquidators.

• Licence revoked: CIMA revoked Global Fidelity Bank, Ltd.'s Category B Banking Licence under section 18(1)(i) of the Act.
• Official Liquidation: The Grand Court of the Cayman Islands placed the bank into Official Liquidation on 22 July 2021.
• Joint Official Liquidators appointed: Michael Pearson and Adam Keenan of FFP Limited were appointed as JOLs; enquiries should be directed to them.
• Individuals found not fit and proper: CIMA found Morry Rubin, George Rubin and William Walter McKibbin III not fit and proper to act as director and/or shareholder of a licensee, under sections 18(1)(f) and 18(1)(g) of the Act.

The notice is informational, recording a completed regulatory action rather than imposing new ongoing compliance requirements on other licensees.

Applies to

banks, Category B Banking Licence holders