Caribbean Commercial Bank Closed After Bailiffs Seized its Assets

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THE VALLEY, Anguilla, Jun 26 2015, CNS – Caribbean Commercial Bank (Anguilla) Limited (CCB) was forced to close Friday after a court granted permission for bailiffs to seize its assets to pay more than EC$1 million to the former managing director who was wrongfully dismissed.

A source close to the situation told Caribbean News Service (CNS) that today’ s development came at a very bad time when workers, many form the construction sector, were at the bank to cash cheques or collect wages.

CCB and the National Bank of Anguilla Limited (NBA) have been under the control of the St Kitts-based Eastern Caribbean Central Bank (ECCB) since August 2013 when it assumed control of two indigenous banks noting the move was designed “to ensure the stability of the banking system” in the entire Eastern Caribbean Currency Union (ECCU).

CCB’s managing director, who was sacked, took the bank to court and the court ruled in her favour and ordered that she be compensated.

However, when the bank failed to pay, her lawyers sought the court’s intervention and permission was granted for the bank’s assets to be taken.

Contacted by CNS moments ago, as Chief Minister and Minister of Finance Victor Banks confirmed that the bank was closed today but insisted it was only temporary.

“The assets were returned to the bank…the terms of the payment have been agreed. I personally dealt with the matter myself and now the bank is due to open for normal business on Monday,” Banks said.

Source Caribbean News Service