March 27, 2012
Commercial Bank in SVG being sued

A commercial bank doing business in St Vincent and the Grenadines is to be sued.{{more}}

As he presented his latest report on the progress being made in relation to the BAICO and CLICO matters, Prime Minister and Minister of Finance Dr Ralph Gonsalves said a claim would be made on the bank in the amount of $140 million.

Gonsalves said the bank had “held out that it … was in a fiduciary position in relation to certain accounts”, and the Registrar of Insurance had already given instructions to lawyers to put the bank in court.

Making it clear that he was not referring to the Bank of St Vincent and the Grenadines, the Prime Minister said the bank in question had already received a pre-action letter, and he was advised last Friday, that very shortly, a statement of claim would be filed.

Describing the work being done to resolve the issues related to the failed insurance companies as “very detailed and involved”, he said BAICO judicial managers have already put a number of individuals in court in Miami, in relation to US$75 million in relation to Green Bay property transaction.