| Investors offering to save TCI Bank | | Print | |
| Thursday, 29 April 2010 16:57 | |||
 While TCI Bank depositors wait patiently for access to their money, liquidators and shareholders are struggling through negotiations with potential investors. One investor has made public his offer to rescue the bank — businessman, investor and real estate developer David Kosoy, a Canadian who lives in the Bahamas and runs the Sterling real estate and financial services companies. “We are here today to be transparent about our offer,” Kosoy said at a press conference Friday, April 23, willing to answer any question put to him. Kosoy said he wanted to dispel rumours about his offer, an offer he believes is currently the best on the table. “What we believe is that we, at the present time, have given the depositors the best chance of getting the most money back and keeping a bank here that will still exist with jobs, etc. in the future,” he explained. Simply liquidating the bank would “in our opinion return less money to the depositors and leave no future for the bank,” he said. Kosoy’s plan does not propose to get all money back for all depositors. The Financial Services Commission closed the five-year-old TCI Bank on April 9 because of mounting unpaid loans and an abrupt $4 million withdrawal of funds by three large, unidentified customers. Court-appointed liquidators, Anthony Kikivarakis and Mark Munnings, partners at Deloitte & Touche Bahamas, are evaluating the remaining assets of shareholders and depositors. Kosoy’s offer is one of several proposals from various parties to rescue the bank, including a prospective investor out of Trinidad and Tobago, a Bahamian bank and a group comprising some of TCI Bank’s Eastern Caribbean shareholders. Kosoy and his partner Phil Biden have been courting shareholders of the bank since January, but one large shareholder — the National Insurance Board — has not been supportive, Kosoy said. The liquidators said they will deliver a report to the court before the next scheduled hearing June 4. In the meantime, the liquidators say all loans must continue to be paid to the bank at its premises at Butterfield Square. Customers and shareholders can contact the liquidators at This e-mail address is being protected from spambots. You need JavaScript enabled to view it or 649-941-7500. For more information, visit the Web site www.tcibpliquidation.com.
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