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Thursday, April 11, 2013


Honestly, I do not know what to make of the financial advisory issued by the Central Bank of Barbados (CBB) against the “Verus International” (VI) merchant bank, based in Barbados. Perhaps, you can help me decode it! During the course of this week, the CBB released the following advisory:

Financial Advisory
Warning Notice - Verus International

Warning Notice - Verus International

It has come to the attention of the Central Bank of Barbados that Verus International, a company incorporated in Barbados, is describing itself as a merchant bank based in Barbados.

The Central Bank of Barbados warns the public that Verus International is not licensed to engage in merchant banking, or any other activity regulated by the Central Bank of Barbados, in or from within Barbados.

Members of the public who transact business with Verus International do so at their own risk. A list of financial institutions regulated by the Central Bank of Barbados is published on its website under the main link "Financial System."

But why should the CHOISEULPOWERHOUSE have even the remotest interest in a Barbadian internal matter? The answer is simple: CRICKET!

On December 13, 2012, the WICB announced that they had finalized an agreement with Ajmal Khan, founder and president of Barbados-based merchant bank, Verus International, for the funding of the Caribbean Premier League (CPL). It was revealed that, as part of the bargain, "the WICB will receive additional funding from Verus International for additional retainer contracts for players in addition to the 20 annual retainer contracts the board currently funds".

The 2013 T20 Caribbean Premier League is slated to take place during the period 29 July to 26 August.

Wikipedia revealed that Mr. Ajmal Khan has an impressive business profile. Among other things, Wikipedia reported that he founded the company in 1990 and he is the President of Verus Group of companies, since 1993. Mr. Khan also serves as the Chief Executive Officer at Verus International. His responsibilities include “investment strategy, identification of investment opportunities, placements, and exit strategies”. He has been the President, Secretary, and Director of Royal Holdings Services Ltd. since July 1999. Mr. Khan founded Verus Capital Corp. in 1989 and has served as its President and Chief Executive Officer since its inception. Mr. Khan has made investments in companies in the process of reconstruction. He serves on the Boards of Directors of several private and publicly quoted companies. Mr. Khan has been a Director of Predict It Inc. since 1999 and Inc. since March 31, 2000, Wattage Monitor Corp. since February 1999, Advanced Bodymetrics Inc. since October 1998, iParty Corp. since July 1998, and Inc.

Could the Central Bank of Barbados advisory affect the staging of CPL T20 this year? Is there a remotest chance that the CPL might suffer the same fate as Stanford 20/20? I don't know; but I love cricket and I’m keeping my eye on the ball from early.

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