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Suisse Security Bank & Trust (Bahamas)
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5780

Posted: 4/5/2003 7:18:02 AM

By: David Marchant

The Bahama Journal published a story on Suisse Security Bank & Trust with the headline 'Harajchi Loses Court Battle' on April 3, 2003.

The story can be viewed by clicking on the link below:

David Marchant

Posted: Friday, August 12, 2011

Posted: 4/5/2003 7:22:26 AM

By: David Marchant

And a press statement from the bank's shareholders and directors can be read below:

Press Statement - Supreme Court Ruling Concerning Suisse Security Bank & Trust Limited

The Shareholders and Directors of Suisse Security Bank & Trust Limited (SSBT) regard the supreme court ruling handed down April 2, 2003, by Mr. Justin Austin Davis, which rejected in total SSBT's appeal of the decision of the governor of the central bank of the Bahamas, Julian Francis, to suspend and revoke the banking and trust license of SSBT as most disappointing and an outrage, representing a very troubling, disconcerting message sent to the local and international banking/finance community. Clearly, this ruling did not take into account the obvious facts of this case.

Moreover, we fear that this ruling further damages the eroding confidence held by international investors in the Bahamas. which, as we all know is currently under serious and relentless attack.

Unfortunately, this ruling did not serve justice but only serves as an endorsement of the abusive, improper, reckless and draconian use of power by Julian Francis, a man who has proven through this capricious use of legislative lower that he is ill-equipped and ill-suited to have such legislative power entrusted to him. Also, such an endorsement is bound to cause additional apprehension among the international financial community, as we have already received contact from international investors expressing their shock and disbelief over this ruling.

Notwithstanding this ruling of Mr. Justice Austin Davis, the Shareholders and Directors of SSBT have committed all of their energies and resources to aggressively seek to appeal and have this ruling overturned, and achieve that justice which is due. No doubt, our success will restore in the eyes of local and international investors some measure of confidence in the system of banking regulation as practiced in the Commonwealth of the Bahamas and in a properly functioning, democratic based judicial system.

We will not be derailed in our pursuit of justice and we are fully confident that we will succeed in having our license reinstated, at which point we will once again resume our business of providing the highest level of banking services to our valued clients.

Christopher Lunn
Suisse Security Bank & Trust


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