Caribbean Times 49th Issue - Tuesday 12th July 2016

4 c a r i b b e a n t i m e s . a g
Tuesday 12th July 2016
September Assizes for Harry Josiah
By Deborah A Parker
Former Transport Board General
Manager Harry Josiah had his fraud
related matters committed to the High
Court yesterday.
The said company’s former Human
Resource Manager Genevieve Phillip,
who has also been slapped with
fraud-related charges, also had her matters
sent to the September 2016 criminal
assizes.
Attorneys Dane Hamilton and John
Fuller, several weeks ago stated that
there was insufficient evidence against
By Everton Barnes
The operating losses reported
by the Eastern Caribbean
Central Bank last
their clients. Both lawyers were expected
to file written submissions in
that respect.
However, when the matter came up
before Magistrate Ngaio Emanuel in
District B on Monday Hamilton stated,
“ Because of the pressure of work I was
unable to file a submission...so we will
allow the matter to proceed.”
Police prosecutor Cpl Allan Honore’
made application for the 132 exhibits
related to the matters, to remain
in the police’s custody.
He also advised that 31 witnesses
month is a reflection of the
poor state of the economies
of the sub-region.
That’s the assessment of
economist, McCarty Marie,
who said that in times of
growth the bank does well
but that the reverse is true in
times of economic hardship.
He said when business is
bright in the countries of the
currency union and people
are making demands on the
commercial banks for loans,
the bank in turn borrows
money from the ECCB to
satisfy the demands of its
clients.
“But as we know, over
the last few years the banks
have been quite liquid with
lots of money to lend but
cannot find people who
want money to borrow,” he
stated.
Against this background,
he said banks have no need
to approach the ECCB for
loans which leads to the
central bank losing the
money it would normally
make from charging interests
on the money it lends to
the commercial banks.
“This is a reflection that
will be called upon.
In an investigation which reportedly
dates back to March 2015, the
former Transport Board boss was allegedly
implicated in some 38 counts
of misdeeds, which allegedly includes
four counts of obtaining by false documents,
four counts of corruption, five
counts of forgery and five counts of uttering.
Further, as a result of the alleged
misconduct, several vehicles, furniture
and other items were reportedly removed
from Josiah’s home.
OECS economic situation impacts ECCB
the collective economies
of the sub-region have had
slow growth, investments
have been slow and the demand
for loans have also
been slow,” he revealed.
Marie further explain
that this was one reason
why the commercial banks
asked the central bank to review
the interest rates paid
on savings.
He said the banks complained
that whilst they
were paying interest at three
percent, the low demand for
loans was eating away at the
banks’ bottom line.
He said that eventually
led to a decline of one percent
on interest paid on deposits.
It moved from three
to two percent.
He said a return to acceptable
levels of economic
growth will be reflected in
improvements in the EC-
CB’s finances.
The ECCB reported a
$10 million loss in 2015 financial
year.