165 / 174
151
ECCB ANNUAL REPORT 2016/2017
EASTERN CARIBBEAN CENTRAL BANK
NOTES TO THE FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2017
Eastern Caribbean Central Bank
Notes to the Financial Statements
March 31, 2017
(expressed in Eastern Caribbean dollars)
23. Contingencies and commitments
...continued
Pending litigation
...continued
(i)
An award of damages;
(ii)
An order for the avoidance of fraudulent transfers;
(iii)
An accounting as to the value of the Bank of Antigua.
On 26 March 2015, the Eastern Caribbean Central Bank (the
“Bank”) filed motion to have the matter
dismissed for lack of subject matter jurisdiction and personal jurisdiction. The Plaintiff has filed its
response to the motion to dismiss and the Bank has filed reply. The motion is now fully briefed and the
parties await a ruling on that motion.
(3)
Claim No. ANUHCV2015/0518 b
etween: Sylvia O’Mard (Claimant/Applicant) and ABI Bank
Ltd, Eastern Caribbean Central Bank and Dwight Venner (the Defendants/Respondents).
On 29 Sep
tember 2015, Ms Sylvia O’Mard (
the
“Applicant”) filed a fixed date claim against th
e ABI
Bank Ltd, Eastern Caribbean Central Bank and Dwight Venner (the
“Respondents”). The Applicant
sought, among other things:
(i)
A declaration that Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement
is unconstitutional;
(ii)
A declaration that the actions of the Respondents in failing to release funds due to the
Applicant and held at the first-named Respondent amounted to a breach of the
Applicant’s constitutional rights;
(iii)
An order for recovery of all sums demanded by the Applicant;
(iv)
An order for restitution.
By Notice of Application filed on 18 November 2015, the Respondents applied to the Court for an
Order declaring that the Court has no jurisdiction to try the claim as filed. The Court ordered a hearing
of the Notice of Application including arguments in relation to the constitutionality of Article 5C(5)(a)
of the Eastern Caribbean Central Bank Agreement on 15 December 2015. Following the hearing on 15
December 2015, the Court, on 22 December 2015, delivered its decision on the preliminary issue in
favour of the Respondents dismissing the claim of the Applicant.