Financial failures

I, Brian Pitt, a survivor of hurricane IVAN of 2004, and a victim of NALGICO’s collapse, still await the settlement of outstanding insurance claim and default judgment, in the amount of $273,296.41, plus interest.

This letter is a gentle reminder to the following persons of interest:


*The Minister of Finance in 2004;

*The Permanent Secretary, Finance and Supervisor of Insurance in 2004;

*The Acting Permanent Secretary and Supervisor of Insurance 2005;

*The Directors of NALGICO 2004: David S. Phillip, Jerome Joseph, Sherron Mc Leish

*The Shareholders of NALGICO 2004: David S. Phillip, David Neckles, Grenville Vale Estates.


I am informed that over the last 10 years, approximately $500m have been lost to this economy, through the financial failure of Cap Bank, NALGICO, SGL, Clico and British American.

The unbelievable thing is that the people of Grenada are not aware of the status of any investigation.

It is instructive to note that to date we do not know if any laws were broken or if this financial failure could happen again.

Because of the internet and television we are all familiar with the success of the USA Department of Justice in prosecuting cases of financial crime and the forfeiture of assets from financial crimes, and the use of acquired assets to compensate victims.

Brian Pitt

Aggrieved Victim

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