Businessman Betteto Frett accusing NBVI of being ‘most corrupt’ bank in VI
In July 2023, while faced with the prospect of losing his “lifetime investments” and feeling like he has run out of options, the local Mr Frett turned to the public for financial assistance, which he promised to repay.
“Ladies and gentlemen, this is an urgent request from your local, devoted friend Betteto Frett. I am appealing to you for assistance, financial assistance that is… I have been wronged and I stand to lose my lifetime investments and in the circumstances, I am requesting a private loan in the amount of $150.000, repayable one year after the date of issue. Repayment will be guaranteed by way of security to the lender,” Frett had appealed last year July, 2023.
This time, the businessman is facing a challenge with the NBVI over his marina, “Ladies and gentlemen I am Betteto Frett and I am coming to you to let you know that the National Bank of the Virgin Islands is selling my marina despite the fact that my loan is up to date. I was paying the monthly mortgage of $15,000 for many years as dictated by a court order which had a penal notice attached to it,” the businessman claimed in a letter.
He claimed that during and after the pandemic there was no income from the marina for about two years since it took some time for the marina to attract customers, “The mortgage fell behind and the National Bank of the Virgin Islands applied to the court to lock me up in jail for nonpayment,” he alleged.
Bank trying to lock him up - Frett Claims
Frett said a local bank trying to lock up one of its $4 million clients or any of their clients for nonpayment of a loan would not happen anywhere in the world.
“This is indeed a sad day for depositors in the British Virgin Islands where your monthly installment payments are up to date and the bank can call you loan of $4,097,595.49 and sell your property to their friend way below the market value and obtain a huge kickback,” he claimed while adding that the loan is up-to-date.
While the entire situation surrounding the matter is complex, Mr Frett called on the Premier and his Government to look into the matter and take corrective actions immediately.
“What the bank is doing is wrong and should not be allowed to foreclose once the loan is up to date. I am also asking His Excellency the Governor not to sign off on the change of ownership of my marina as the decision of the bank is personal and a grave injustice to me.
Virgin Islands News Online (VINO) reached out to NBVI via email for details regarding Mr Frett’s claims, however, no response was received up to publication time.
Our News Centre will bring more details as it becomes available.
You can read the full statement here.
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38 Responses to “Businessman Betteto Frett accusing NBVI of being ‘most corrupt’ bank in VI”
Worst bank in the country.
Maybe youre the problem. I dont see a bank taking away anyones property unless you breached the mortgage terms. Its that simple
Frigging up local people business and plans.
TRUE THEY DOESN'T OWE THEIR PARENTS ANYTHING BUT WHEN PARENTS DIE THEY FIND TICKET MONEY TO COME AND CLAIM THEIR BENEFIT.
Yes, karma may be visiting Mr Frett but best believe she has all our addresses, and she is better at delivering than the mailman. She also pulls no punches.