By Leonard GildarieAccount holders of the financially troubled Globe Trust and Investment Company Ltd (GTICL) will have to wait a while longer as the lone investor from Brazil has still not signaled a definitive interest.The latest twist in the Globe Trust saga will further dwindle the hopes for the 5,000 customers, whose life savings are in jeopardy because of financial mismanagement of that entity.It will be recalled that Globe Trust opened its doors to the public in April 1991 and, after its initial period of operations, recorded profits from December 31,[url=http://www.cheapnfljerseysforwholesale@#$%&/]Wholesale Jerseys[/url], 1992 until December 31, 1999.In 2000,[url=http://www.cheapnfljerseysmr.us@#$%&/]NFL Jerseys Outlet[/url], the problems associated with its non-compliance with the terms of the Financial Institutions Act (FIA), especially those pertaining to non-performing loans, began to take effect.After a series of inspections by the Central Bank and consultations with the Directors, the Central Bank took immediate possession of Globe Trust on September 21, 2001.Prior to the Central Bank?s action, the Company had closed its doors to the public on July 17, 2001. On November 27, 2001, the Central Bank instituted legal action as is required under the FIA to have the Company liquidated.On July 25, 2002, the Chief Justice ordered the re-organization of Globe Trust under the Bank of Guyana as set out in Section 50 of the FIA.As at December, loans owed to Globe Trust totaled $721 million, of which $650 million may be collectable.With more than 5,000 depositors? accounts amounting to $793 million frozen because the company is in receivership, under the approved re-organization plan, the Bank of Guyana, as the regulator, is hoping that depositors can get back their money.Speaking with this newspaper yesterday, Administrator of Globe Trust, Nizam Ali, of Nizam Ali and Company Accountants, said that the investor and his team of consultants, who Kaieteur News has learnt are from Brazil, were in Guyana in March and during several meetings raised questions and were given answers.There has been no word yet from the investor nor has there been a timeline given for a deal to be made.Ali also disclosed that the investor is looking at other investments in Guyana and hoping to tie that in with a Globe Trust deal.Contacted yesterday also,[url=http://www.cheapnfljerseysmr.us@#$%&/]Jerseys NFL Wholesale China[/url], Governor of Bank of Guyana, Lawrence Williams admitted that while there is no timeline in which the investor was given to make a decision, Guyana will not be sitting around waiting forever.The Brazilian investor is eyeing possibilities of a gold refinery in Guyana, Mr Williams said.But options to revitalize Globe Trust and at the same time recover the savings and loans are fast running out.Unless an investor is found soon, the Administrator may have no way out but return to the courts for possible liquidation, something that would be dreaded by account holders whose life savings are in limbo.In December, former Administrator Conrad Plummer, whose tenure came to an end several weeks ago, had announced that the Brazilian investor had signaled his intention to invest US$3.5 million to acquire the shares in the entity and a further US$1.5 million to rehabilitate the infrastructure, among other things.The South American investor was the most likely prospect of a total of 93 companies or persons indicating interest in GTICL.While the Administrator has no authority to grant the extension of time for the investor, the request earlier this year was forwarded to the Bank of Guyana for response. The Brazilian investor had been granted an earlier extension that ended on February 15,[url=http://www.cheapjerseysnear.us@#$%&/]cheap nfl jerseys online[/url], last.If the extension is not granted, Bank of Guyana as the regulator, will have to apply to the court under the Financial Institutions Act to have a liquidator appointed.Regarding the question of why as Administrator he did not seek legal redress by taking the former Management and Directors of GTICL to court, Plummer during a farewell press conference had said that he is not of the belief that going to the courts would have helped with the re-organization.?No investor would have become involved in a company which was engaged in that kind of litigation. Besides, if the re-organization plan promised a full or partial repayment to the depositors, what amounts were you to sue for??The Administrator added that the Liquidator,[url=http://www.cheapnfljerseysmr.us@#$%&/]NFL Jerseys Supply[/url], if the situation ever reaches that stage,[url=http://www.cheapnfljerseysmr.us@#$%&/]Authentic NFL Jerseys Wholesale China[/url], still has the possibilities of using the option of the courts.Describing his stay at Globe Trust, Plummer said that he looked forward to the institution rising from the dust.?I still think that GTICL is a reasonable investment in the longer term. On the other hand, it was difficult dealing with the fact that depositors who could ill-afford, may lose their life-savings. At times, it was an emotional see-saw.?In December, Plummer who had years of banking experience at the helm of the National Bank of Industry and Commerce Ltd (now Republic Bank), revealed that more than 80 per cent of the persons or businesses who took loans are before the courts.On June 3, 1999,[url=http://www.baseballgreet@#$%&/Arizona-Diamondbacks-Gregor-Blanco-Jersey/]Gregor Blanco Jersey[/url], the Central Bank granted a licence to Globe Trust to conduct in Guyana depository financial business with authority to engage in trust business. That licence remains in force today.Currently, Globe Trust is still maintaining customers? passbooks and deposit certificates.Under the plan, the Administrator is hoping to re-adjust deposits to their July 2001 value when the financial institution had closed its doors.Over a three-year period, the plan hopes to activate all deposit accounts.