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
04/08/2013
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.
 |
| AJMAL KHAN |
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 Booktech.com Inc. since March 31, 2000, Wattage Monitor Corp.
since February 1999, Advanced Bodymetrics Inc. since October 1998, iParty Corp.
since July 1998, and On2.com 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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