The entity financing the imminent Caribbean Premier League, Verus International, today moved to clarify its status in Barbados after the Central Bank of Barbados revealed on its website that the company was not licensed as a merchant bank to do business in the island.
Verus International, in a release, said it was in receipt of correspondence from the Central Bank of Barbados setting out its objections to the use of the term “merchant bank” to describe its commercial activities.
Verus International added it was cooperating with the Central Bank and explained that it was a “private investment firm” and licensed under the International Business Companies Act in Barbados since 1999.
“Any statement or misunderstanding to the contrary is regretted,” the statement said.
The statement indicated that Verus International invested its capital directly into companies and had a global focus on proprietary investment opportunities with resources, expertise and relationships that could be leveraged to create significant value for its portfolio companies and strategic partners.
The statement said the company also managed the private family office for the family of founder, president and chairman, Ajmal Khan.
“Verus International looks forward to its continued investment in Barbados and the Caribbean region as well as the launch of the Caribbean Premier League,” the statement indicated.
Khan and former president of the West Indies Cricket Board, Dr. Julian Hunte, had recently signed off on a long-term deal to host a lucrative Twenty20 tournament starting in July. This comes after the successful launch of similar tournaments by other entities in India, Australia, South Africa, England and Bangladesh where a number of regional cricketers have been plying their trade.
Earlier the Central Bank of Barbados had advised the public that Verus International, an incorporated company, had described itself as a merchant bank but was not licensed to engage in merchant banking, or any other activity regulated by the Central Bank of Barbados, in or from within Barbados.
The Central Bank warned persons that they would be transacting business with Verus International at their own risk and invited the public to view its website for a list of the financial institutions under its regulation.
Verus International previously described itself on its website as a “merchant bank” with offices in New York and Barbados. The Barbados office is listed at Brittons Hill in St Michael.
However, when Barbados TODAY made a check on the Verus International website today only a face page was available and no information could be accessed. (WG)