Bank warning

The company financing the regional franchise-based Twenty20 cricket tournament has found itself at the centre of a banking controversy with the Central Bank of Barbados issuing a warning about the entity.
The Central Bank yesterday instructed Barbadians and investors that Verus International which was claiming to be carrying out merchant banking operations here was not registered to legally do so.
Moreover, the Central Bank said people who did business with the company did so at their own risk because Verus International’s operations were not regulated by the bank.
In a statement which was posted on the Central Bank’s website, the island’s regulator of banks and some financial institutions issued a financial advisory about the company founded by Ajmal Khan that officially launched a new franchise based Twenty20 tournament – The Caribbean Premier League with the West Indies Cricket Association last December.