Depositors to recover losses after Bank Collapse 30 Years Ago

Basseterre, St. Kitts (SKNIS) — Clients who lost money when the Bank of Commerce closed some 30 years ago were put on alert by Prime Minister Dr. the Honourable Timothy Harris that a legal settlement had been arrived at, that allowed for the payment of $15 million.

Prime Minister Harris made the revelation during today’s (July 28) sitting of National Assembly. He noted that the court settlement will bring “tremendous relief to the many suffering depositors in the Bank of Commerce,” noting that “a fresh start has now come to the depositors.”

Commenting on the 30 year process, the Prime Minister described it as an “entirely unsatisfactory period of time.” He noted, however, that liquidation matters in general are very lengthy and not unique to St. Kitts and Nevis.

Outlining the procedure, it was noted that the Social Security Board (SSB), had begun legal proceedings against the Bank of Commerce on February 02, 1985 and the court delivered an order on May 09, 1985 in response to the Social Security Board petition, enabling the first resolution of the matter this month.

It was further revealed that the SSB which is a creditor to the Bank of Commerce should be receiving approximately $1.4 million, and the Nevis Philatelic Bureau was in line for just over a quarter of a million dollars.

“The government which has had substantial interest [investment] in the Bank of Commerce in a variety of funds etc., the government should receive just about $1.2 million,” the Prime Minister said.

Bank of Commerce depositors and the public in general were advised that more detailed information would be provided in the near future.

You might also like

Deprecated: Directive 'allow_url_include' is deprecated in Unknown on line 0