EASTERN CARIBBEAN CENTRAL BANK
ECCB
ANNUAL REPORT 2014/2015
126
23.
Contingencies and commitments
...continued
Pending litigation
...continued
(2) Summons in a civil action No. 3:13-cv-00762-n between: the official Stanford Investors Committee,
plaintiff, and Bank of Antigua, Eastern Caribbean Central Bank, Antigua Commercial Bank, St.
Kitts Nevis Anguilla National Bank Ltd, Eastern Caribbean Financial Holdings Company Ltd,
National Commercial Bank (SVG) Ltd, Eastern Caribbean Amalgamated Bank, and National Bank
of Dominica Ltd, and Antigua and Barbuda, Defendants, is pending before the United States District
Court for the Northern District of Texas, Dallas Division. The Plaintiff is seeking inter alia:
(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.
(3) Claim No. ANUHCV2014/0518 Between: Sylvia O’Mard, Claimant/Applicant and ABI Bank Ltd,
Eastern Caribbean Central Bank, the Defendants/Respondents. On 29 September 2014, Ms Sylvia
O’Mard (“the Applicant”) filed a fixed date claim against the 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 2014 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 2014. Following
the hearing on 15 December 2014, the Court, on 22 December 2014, delivered its decision on the
preliminary issue in favour of the Respondents dismissing the claim of the Applicant.
The Applicant has appealed the decision of the High Court.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(expressed in Eastern Caribbean dollars)
March 31, 2015
