News & Current Affairs - Tuesday, November 11, 2008 18:07

$1.4 million in cash stolen from the Central Bank of Barbados

By Kathy Lehay, Staff writer

Tags: Corruption, Economy, FOREX, Governance

What is believed to be a massive theft has taken place at the Central Bank.

About $1.4 million comprising brand new $100 notes has disappeared from the top financial institution located within the Tom Adams Financial Centre, Church Village, in The City.

The Central Bank went public yesterday about the missing $100 notes, adding that police had been called in to investigate what could be the island’s biggest heist.

The sum missing was not disclosed by the bank, but sources close to the investigation confirmed that the missing amount was more than $1 million.

According to the statement from the bank, the $100 notes bore serial numbers ranging from E22515001 through to E22517000, E22521001 to E22522000, E22525001 to E22529000 and E22530001 to E22537000.

The money was discovered missing on October 30, 2008.

Stressing that the notes might already be in circulation, the Central Bank called on the public to help solve the matter.

“Members of the public who come into possession of any of the notes with serial numbers in the range indicated above should not negotiate the notes, but bring them directly to the Central Bank. The bank will exchange the notes for other new notes,” it said.

Promising to keep the public abreast of any further developments in the matter, the bank said it was advised “to exercise some restraint in releasing more detailed information at this time, so as not to compromise the investigation”.

In light of this incident, the Central Bank said it had launched an “immediate audit and evaluation of the systems and processes currently being used”, and was “conducting a full assessment of the circumstances surrounding the disappearance of the notes”.

Update 19/11/2008: Corey Rock, a vault attendant aged 25 of Ashton Hall, St. Peter has been charged in relation to this case… See related news story

Update 21/11/2008: Shawn Durand Hurst and Shawn Antonio Rollins, 21 and 35 years respectively, have been charged with handling stolen property and money laundering… See related news story

Related articles:

Central Bank of Barbados: Another $100,000 in new bills missing.

Kathy Lehay · Montego Bay, Jamaica

A Barbados-born, Jamaica-resident social worker and feminist, Kathy Lehay is an independent care worker and gender specialist who provides one-on-one skills training and social support for disadvantaged women and families in Jamaica. She holds an MA Gender Studies and BA Social Work.

kathy@antillean.org

8 Comments

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CA from London, United Kingdom
Nov 14, 2008 2:23

Am I correct in thinking that the Central Bank is similar to our Federal Reserve in the states? If so, this is incredibly shocking!

Garry from Saint Michael, Barbados
Nov 15, 2008 23:02

It is an amazing story so much money going missing from the Central Bank and they dont seem to have a clue as to how to it happned or how much of the cash is actually in circulation. I think this story has the potential to make a good story for a movie, when all or should I say if the facts ever come to light.

The Barbados Blog

Liz from Saint Michael, Barbados
Nov 19, 2008 10:59

How many people have keys to The Central Bank vaults?

Russel M. from London, United Kingdom
Nov 19, 2008 16:14

Liz, this is taken from another forum from somebody who apparently works at the Central Bank…

“The vault in the central bank is such that no one person can ever get into it alone. Different combinations must be entered simultaneously. It’s also on a time-release – the combinations (which change periodically) only work during a certain time period on certain days, and short of blasting a hole in the side the building, there is no way to get into the vault outside of those times. if you get locked in, tough beans. NO ONE, not even the governor, is allowed inside the vault without clearance. No bags are allowed to be carried inside, period. So how did $1.4 M go “missing? “

Observer from London, United Kingdom
Nov 19, 2008 16:32

A young man has been in custody for this since day 1, but the media is not reporting on it, perhaps because of the standing of his father. Please note I did not call any names and this is not libelous.

linnette M from Saint Michael, Barbados
Nov 20, 2008 14:14

This is mighty strange to me. How much experience does he have that he was entrusted with such a posotion. Are there no periodic and unplanned checks. At good old Barclays Bank PLC we used to call them snap checks. without any notice the manager would summon the vault custodians and a check would be done. It would appear to me that something is seriously wrong with the procedures at the CBB. How was this moved out with out being noticed? When money is going to the CBB there is police both at the front and back of the convoy , and the section of Roebuck Street that is one way normally is used for travel in the opposite direction so that minimum time is used to transport the cash. What is the point of police taking such care to get it there safely? if measures are not in place to protect once on sight.Maybe Central Bank inspectors need to do some internal work, and not just visit commercial banks every whatever the period is to ensure they are following CBB regulations. This is as good a time as any to revise their procedures

Russel M. from London, United Kingdom
Nov 22, 2008 4:28

This isn’t the first time the chap has had a run in with the law and he apparently was a vault attendant. Shocking that this could happen at the CENTRAL BANK of all place. Rumours abound about money going missing during Barbados’ last “earthquake”.

Anonymous from Saint Michael, Barbados
Dec 25, 2008 17:45

Am I correct in thinking that the Central Bank is similar to our Federal Reserve in the states?

No u r not correct