ECCB 2014-2015 Annual Report and Statement of Accounts

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (expressed in Eastern Caribbean dollars) March 31, 2015

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.

126

ECCB ANNUAL REPORT 2014/2015