Inter Maritime Bank

Motion for Modification of Court Order and to Supplement Commissioner Appointment regarding a request from Antigua & Barbuda for judicial assistance for a criminal investigation into Lester Bird, Asot Michael, Josette Michael, Bruce Rappaport, Sir Ronald Sanders and others for suspected involvement in fraud, corruption, and money laundering.

Wachovia Bank is trying to avoid turning over records to the Antigua Government for an investigation into alleged corruption by former Prime Minister Lester Bird, offshore banker Bruce Rappaport and others. The North Carolina-domiciled bank has applied for a protective order in a civil complaint filed by the Government of Antigua and Barbuda at the Eleventh Judicial Circuit Court for Miami-Dade County, Florida on February 23, 2006. 

Application for the appointment of a Commissioner to collect evidence - pursuant to a request for judicial assistance from Antigua & Barbuda - for a criminal investigation into Lester Bryant Bird, Asot A. Michael, John E. St. Luce, Robin Yearwood, and Bruce Rappaport for suspected corruption and fraud.

The names of the new shareholders in the Bahamas International Securities Exchange are expected to be announced in January. A list of all 45 companies that submitted subscription applications for the recent $5 million private placement has been submitted for

The US government has lost its bid to recover $7 million from banks in Antigua, Panama and Switzerland that were the proceeds of marijuana smuggling carried out in Massachusetts. Judge William Young, of the Federal District Court for the District of Massachusetts in Boston, dismissed a lawsuit brought against Swiss American Bank and Swiss American National Bank (both of Antigua), Swiss American Holding Company S.A. of Panama and Inter-Maritime Bank of Geneva.

A battle for legal jurisdiction between the US government and four offshore financial institutions in a $7 million forfeiture case contains a number of important issues that will affect all companies and individuals who operate offshore but have US clients.Among arguments being put forward by the US government for jurisdiction over banking entities located in Antigua, Switzerland and Panama is the fact that the offshore companies sell their services over the Internet, which can be accessed in the US; that Swiss American Bank has advertised in the in-flight magazine of American Airlines; and that SAB has correspondent banking relationships with banks in the States.

Readers who followed last month's story about the US government's lawsuit accusing four banks and the Antiguan government of illegally divvying up $7 million in drug profits might be interested to know that Antigua recently appointed the banks' owner, Bruce Rappaport, as its Ambassador to Russia.The appointment of Rappaport to this official position on December 3, 1997, adds an interesting twist to the recent lawsuit brought by the US government against the Antigua-based Swiss American Bank group and Inter-Maritime Bank, of Geneva.

The US government has filed a landmark civil lawsuit against banks in Antigua, Panama and Switzerland in an attempt to recover $7 million that it claims are the proceeds of criminal activity.The lawsuit is considered to be of significance to other offshore tax havens because it will test the ability of the US government to enforce home-based judgements in foreign territories against offshore companies who collaborate with money launderers.The US government is suing Swiss American Bank Ltd. and Swiss American National Bank Ltd., which are both registered in Antigua; Swiss American Holding Company S. A. of Panama and Inter-Maritime Bank of Geneva.