The Cabinet of Antigua and Barbuda has raised concerns over what it describes as “bureaucratic tactics” being used by stakeholders of the Eastern Caribbean Amalgamated Bank (ECAB) to block the conversion of the government’s 25% preference shares into ordinary equity shares.
And to this end, the Cabinet has strongly condemned these actions, characterizing them as intentional impediments that threaten to undermine the government’s rightful equity position within the bank.
When they met for their weekly briefing on Wednesday, they argued that this deliberate resistance serves as a strategy to maximize profits at the expense of the government’s ownership stake, effectively diluting its influence over time.
In a decisive move, the Cabinet has called on ECAB shareholders to halt their obstructive practices immediately and allow for the proper conversion of shares without any further delays. Cabinet officials have emphasized that they will not tolerate any continued resistance to this process.
Once the conversion is completed, the government plans to offer a portion of its newly acquired ordinary shares to the public.
This initiative according to notes from the Cabinet, aligns with the government’s commitment to fostering domestic economic empowerment and promoting broader citizen ownership of national resources.
In a firm closing statement, the Cabinet reaffirmed its determination to utilize all political and legal avenues necessary to safeguard and uphold the interests of the people of Antigua and Barbuda.
