CABINET NOTES- The Cabinet was briefed on what it unequivocally described as bureaucratic tactics being employed by shareholders of the Eastern Caribbean Amalgamated Bank (ECAB) to block the conversion of the government’s 25% preference shares into ordinary equity shares.

Cabinet strongly condemned these actions as intentional and obstructive, asserting that the bank’s shareholders are actively undermining the government’s rightful equity position. This calculated resistance is viewed as a profit-hoarding maneuver designed to erode and dilute the government’s ownership stake over time.

The Cabinet issued a direct call to ECAB shareholders to cease this obstruction immediately and to facilitate the rightful conversion without further delay. It made clear that continued resistance will not be tolerated.

Once the conversion is executed, the government intends to divest a portion of its ordinary shares to the public, in line with its commitment to domestic economic empowerment and broader citizen ownership of national assets.

In conclusion, Cabinet underscored that it will pursue all available political and legal avenues—without hesitation—to secure and protect the interests of the people of Antigua and Barbuda.