Barbados-based cricket financier Verus International Limited is no longer on the Central Bank of Barbados’ radar.
Less than two weeks after it issued a warning notice challenging the company’s “merchant bank” status, which Verus called a “misunderstanding” a few days later, the Central Bank said it’s concerns had been allayed.
“The public is hereby informed that Verus International Ltd is an international business company licensed by the Ministry of Industry, International Business, Commerce and Small Development,” the bank regulator said in an updated notice on the matter.
“The entity no longer describes itself as, or implies that it is, a ‘merchant bank’ operating in or from Barbados and the Central Bank of Barbados is satisfied with the actions taken to address previous concerns,” it added.
In the original financial advisory the bank warned Barbadians that Verus “is not licensed to engage in merchant banking, or any other activity regulated by the Central Bank of Barbados, in or from within Barbados”.
It had also told the public that those transacting business with Verus were doing so at their own risk. The concern stemmed from the company calling it a merchant bank.
In response to the Central Bank, Verus acknowledged it was not a merchant bank but “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.
Verus International looks forward to its continued investment in Barbados and the Caribbean region as well as the launch of the Caribbean Premier League in August,” it said. (SC)