Monday, 19th February, 2018 – The widow of the late financier Bruce Rappaport has died.
According to reports, Ruth Rappaport passed away on February 5th, 2018 in Geneva, Switzerland.
In a statement, West Indies Oil Company Ltd. paid tribute to Ruth Rappaport, describing the husband and wife duo as playing a “significant role in the development of our twin island nation.” The WIOC statement outlined that the Rappaports loved Antigua and its people. Since 1980, through their holding in National Petroleum Ltd purchased the majority shares in WIOC, Antigua and Barbuda, they were in the forefront of their thinking.
The statement continued that Ruth’s husband Bruce played a significant role in the development of our twin island nation and she was a key supporter of the family’s philanthropic efforts in Antigua. The Codrington Papers were the pinnacle of the efforts and on many occasions Bruce Rapaport would relate the terrible history recorded in those documents and insisted the Papers should be saved for the Nation through his construction of the National Archives. His wife Ruth shared every moment of that connection and visited Antigua many times. She was convinced that infant mortality and the health and well-being of a mother and her child could be radically improved by building new medical facilities and in this regard she put her money where her mouth was.
West Indies Oil Company said they are thankful for her donation to the children’s ward at the former Holberton Hospital and are comforted by the legacy she leaves in Antigua, extending sincere condolences to the Rappaport family on the passing of their matriarch.
Ruth’s husband, Bruce Rappaport, founder of Swiss American bank, passed away in 2010 at the age of 87 years.
In 1980, a Rappaport controlled company by the name of National Petroleum Ltd purchased 440,000 shares of the West Indies Oil Company (WIOC) for $6,000,000 from the government.
On May 30, 2010, the Antiguan and Barbudan government repurchased all of the shares to WOIC from National Petroleum Ltd.