Tue | Nov 30, 2021

Bank settlement reached after 30 years

Published:Thursday | July 30, 2015 | 10:43 AM

The St Kitts-Nevis government says an agreement has been reached for persons who lost funds when the Bank of Commerce closed its doors more than three decades ago to be compensated.

Depositors will be paid a total of EC$15 million under a court settlement, said Prime Minister Dr Timothy Harris, which he described as a "tremendous relief to the many suffering depositors in the Bank of Commerce".

Harris, who is also finance minister, told legislators in Parliament that while the 30-year process was an "entirely unsatisfactory period of time", company liquidations in general are very lengthy and not unique to St Kitts-Nevis.

The Social Security Board, which initiated the lawsuit against the Bank of Commerce on February 2, 1985, is to receive EC$1.4 million under the settlement, while the Nevis Philatelic Bureau will get just over a quarter of a million dollars.

"The government, which has had substantial interest in the Bank of Commerce in a variety of funds, etc, should receive just about EC$1.2 million," the prime minister said in Parliament on Tuesday.

He said more details on the payments under the settlement would be released to depositors and the general public at a later date.