VOLUME 14 ISSUE 48

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NOVEMBER 30TH, 2018 – DECEMBER 7TH, 2018

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VOLUME 14 - NO. 48

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HELP FOR HALLMARK by Hayden Boyce Publisher & Editor-in-Chief

CIBC FirstCaribbean reopens Grand Turk branch

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housands of residents who depend heavily on the Hallmark credit and debit cards, may soon have their services restored. Mr. Joe Connolly, an experienced chartered accountant who the Supreme Court appointed as Administrator of Hallmark, told The SUN that a letter of intent (LOI) was signed last week for the sale of Hallmark to a Brazilian company with extensive experience in the credit card business. “I can also confirm that a sales agreement in line with the LOI was presented to the Hallmark owner over the weekend,” Connolly revealed. “In my view if the sales agreement is signed, there is a very good chance that the MasterCard service will be reinstated and Hallmark will continue in business without any loss to the cardholders. As of today (Thursday, November 29th, 2018) the shareholder has still not signed the share purchase agreement, but I remain hopeful. I do not know how long the offer will remain open.” Connolly, a chartered accountant, with over thirty years’ experience with one of the top five audit firms in the world, told The SUN that if the offer fails, he would expect MasterCard to terminate their agreement on December10th “as previously indicated or possibly earlier”. He added: “If MasterCard terminates the agreement there is no business model for Hallmark.” Connolly said there have been expressions of interest from other parties, but they were only preliminary enquiries. “They would, I assume, all be contingent on MasterCard not terminating their agreement,” he added. Investigations by this newspaper revealed that at least three companies are exceptionally keen on buying out Hallmark, which has a customer base in excess of 5,000. Hallmark is still not able to accept uploads to the prepaid cards until the MasterCard issue is resolved.

From left to right: CIBC FCIB’s Grand Turk branch manager, Queena Wilson; Clarence Simmons, one of the bank’s oldest customers in Grand Turk; Premier Hon. Sharlene Cartwright-Robinson; Larry Lawrence, CIBC FCIB’s TCI Country Manager; Her Excellency Anya Williams, Acting Governor, and Jacqui Bend, Director of Retail Banking, CIBC FirstCaribbean.

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IBC FirstCaribbean proudly announced the official re-opening of their Grand Turk Branch at a ribbon-cutting ceremony on the island capital on Thursday, November 29, 2018. The celebratory occasion signifies a new era of service and convenience for the people of Grand

Joseph Connolly, who was appointed as Administrator by the Supreme Court of the Turks & Caicos on November 2, stated that he had been working with all stakeholders to reorganize Hallmark and restore the MasterCard service. On November 17th, 2018, Connolly announced a “provisional agreement” with a company that has a background in financial services, to assist Hallmark. He stated: “Whilst it is early days and there are still a number of contractual issues to be resolved, I am hopeful that with our new partner’s assistance the MasterCard service can be restored in the near future.” He also urged secured credit card holders to continue to make payments on their

Turk, with CIBC FirstCaribbean being the only bank to offer a newly renovated location for in-branch services on the island since the other bank pulled out earlier this year. The event was attended by Her Excellency Anya Williams, Acting Governor; the Hon. Sharlene Cartwright-Robinson, Premier; Hon.

Derek Taylor, Deputy Speaker; Desmond Morrison, Director of Finance, Financial Services Commission; Larry Lawrence, TCI Country Manager, CIBC FirstCaribbean; and Jacqui Bend, Director of Retail Banking, CIBC FirstCaribbean.

cards to avoid charges, noting that the Hallmark office on Leeward Highway is open Monday to Friday to receive payments. Meantime, Craig Potts, the American millionaire who owns Hallmark, said he is prepared to assist in the company’s recovery, but is meeting resistance. Potts, who owns banks in the United States of America, told The SUN that the reason why Hallmark’s operations were suspended by the Financial Services Commission (FSC) was due to a “noncompliance issue, not a cash problem”. Potts said he was even prepared to have the Hallmark building on Leeward Highway used as collateral for any loans which the company needs.

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Joe Connoly

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