The company promising to pump millions of dollars into West Indies cricket via the new Caribbean Premier League starting in July has been no-balled by the Central Bank of Barbados.
While Verus International is calling itself “a merchant bank based in Barbados and New York”, the Central Bank, which is the local regulator for all banks doing business on the island, today issued a “warning notice” advising Barbadians that Verus was not licensed to practice merchant banking here.
“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 said in the financial advisory.
“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’,” it added. While Barbados TODAY’s efforts to get a response from Verus officials was unsuccessful up to time of writing, the company’s Website mentioned Barbados as one of two locations where it did merchant banking.
“Verus International is a merchant bank based in Barbados and New York. Founded by Chairman and CEO, Ajmal Khan, Venus invests its capital directly into companies and provides merchant banking and advisory services for a select group of strategic partners,” the company described itself under the heading “About”.
“The Verus team has a global focus on proprietary investment opportunities with resources, expertise and relationships that can be leveraged to create significant value for its portfolio companies and strategic partners. The company also manages the private family office for the Khan family,” it added.
The company also said it had offices here at L’Horizon, Gunsite Road, Brittons Hill St. Michael.
Representatives of the West Indies Cricket Board and Verus officials have already signed on the dotted line in a contract, which will see the company sponsoring the inaugural CPL, scheduled to be held in July and August.
It has also committed to funding the Twenty20 tournament next year and in 2015. (SC)