Worst Liquidation: Suisse Security Bank & Trust Ltd.; Worst Regulator: Carlos Belgrave, Supervisor of Insurance and Pensions, in Barbados; and Best Justice System: United States of America.
Nearly six years after being forced into Receivership and then provisional liquidation, Suisse Security Bank & Trust Limited has finally gone into official liquidation in the Bahamas; MBNA America Bank NA obtained an order of garnishment at the Circuit Court for the 11th Judicial Circuit, Miami-Dade County, Florida on October 30, 2006 that allows it to garnish assets up to $44,143, plus costs of $198, at Eastern Financial Bank that are beneficially owned by St. Kitts-based financial services provider M. Irvin BonCamper; The Swedish Financial Services Authority, known as Finansinspektionen, has issued a public warning about Charterhouse Trust Credit Union, which was exposed by OffshoreAlert as long ago as May 31, 2002; An order to compulsorily wind-up International Alliance Insurance Limited was entered at the Royal Court of Guernsey on April 4, 2006, with Anthony Christian Pickford and James Robert Toynton, of Chandlers Limited, appointed joint liquidators; and The U. S. SEC announced on November 28, 2006 that the U. S. District Court for the Southern District of New York entered a preliminary injunction on November 14, 2006 barring Ian Scott from pursuing litigation in the Federation of St. Kitts and Nevis.
Nicolas Eugene Grant St. James charged with cannabis possession in UK, a look at the record of criminal-friendly judge Jon Isaacs in the Bahamas, liquidator of Suisse Security Bank and Trust charges creditors extra if they want to receive his creditors' reports, long after denying it, Marcus Queree acknowledge's fraudster Robert Raven's involvement in the group of companies known as 'Sidera'; and a look at CFTC Chairman Reuben Jeffery III's role in one of the biggest insurance frauds in history.
Bahamas-based Suisse Security Bank & Trust Ltd., which may be insolvent by as much as $29 million, has lost a four-year fight to regain its bank license. In a judgment issued yesterday, the Privy Council in the United Kingdom dismissed an appeal by SSBT against a ruling on June 29, 2004 by the Court of Appeal of the Bahamas that upheld the revocation of SSBT's license by the Governor of the local Central Bank, effective April 2, 2001.
Suisse Security Bank and Trust Company Limited has moved a step closer to full liquidation in the Bahamas following a recent court ruling.In a decision delivered on June 29, 2004 after one-and-a-half days of hearings, the Bahamas Court of Appeal unanimously dismissed what was essentially an appeal of an appeal by SSBT.
The principals of Bahamas-based Suisse Security Bank & Trust have allegedly put more than $31 million of client funds in jeopardy due to their "interference and obstruction" with its provisional liquidation.This includes $5.5 million in cash that was transferred out of an account at Barclays Bank in Nassau in April, 2001 after the bank was closed down by regulators, according to investigators.
Section 304 Supplemental Petition for Assistance in Insolvency Proceedings in the Bahamas by Raymond Winder, as the Foreign Representative of Suisse Security Bank and Trust Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.
The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has won a partial legal victory in his attempt to recover the bank's assets and protect it from lawsuits in the United States.
The Provisional Liquidator of Bahamas-based Suisse Security Bank and Trust has taken steps to recover approximately $13 million of the bank's assets held in the United States. Raymond Winder filed a petition at the United States Bankruptcy Court for the Southern District of New York on February 22, 2002.
Section 304 Petition for Assistance in Insolvency Proceedings in the Bahamas by Raymond Winder, as the Foreign Representative of Suisse Security Bank and Trust Ltd., at the U. S. Bankruptcy Court for the Southern District of New York.
Part of the estimated $5.5 million allegedly looted from the First Cayman Bank/Gulf Union Bank group in 1997 went to satisfy a $1.75 million fraud judgment in the United States, according to the liquidators.The fraud had been committed by Sheikh Abdus Shimmy Qureshi and his now defunct Florida firm Escue Management Inc., it was alleged.
Suisse Security Bank and Trust has failed to have the suspension and revocation of its license overturned on the grounds that the Central Bank of the Bahamas acted unconstitutionally.At issue was whether Section 14 (1)(f) of the Bank and Trust Companies Regulations Act 2000 contravened Article 27 of the Bahamas Constitution.
The Central Bank of the Bahamas officially revoked the banking license of Suisse Security Bank & Trust on Monday, April 2, 2001. The license had been suspended on March 5.
Bahamas-based Suisse Security Bank & Trust filed an application at the Bahamas Supreme Court on March 29, 2001 to reverse what it has called "a purported out-of-court appointed receivership". The Respondents in the lawsuit are Julian Francis, who is the Governor of the Central Bank of the Bahamas; the Attorney-General of the Bahamas and SSBT's Receiver, accountant Raymond Winder.
As the court battle continues today over the suspension of the banking license of Suisse Security Bank & Trust, it has emerged that the action by the Central Bank of the Bahamas in suspending the bank's license was taken despite an injunction being issued by the Bahamas Supreme Court on March 2, 2001 ordering that such action not be taken.
After a hearing that lasted half a day, the Bahamas Supreme Court officially placed Gulf Union Bank (Bahamas) into liquidation on March 26 but deferred a decision on whether to appoint the current provisional liquidators as permanent liquidators. The court first ruled on two preliminary legal issues regarding the competence and appropriateness of the National Insurance Board, which is a government agency, in being allowed to petition for the winding-up of the bank.