First Cayman Bank liquidators prepare to sue directors

The liquidators of First Cayman Bank have opened negotiations with the bank’s directors and officers with a view to holding them financially accountable for their responsibilities. A lawsuit for negligence is also being considered against the bank’s auditors.
This and the fact that professional fees and disbursements totalling $1.16 million were incurred in the first 23 weeks of provisional or official liquidation were the highlights of the second report of FCB’s liquidators, Ian Wight and Michael Pilling, of Deloitte & Touche, dated May 14.