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SSBT Appeals to the Privy Council

Published: Friday January 27th, 2006

SSBT Appeals to the Privy Council

Suisse Security Bank and Trust Ltd. (SSBT) appealed to the Privy Council in the United Kingdom from the decision of the Bahamas Court of Appeal, which on 29th June, 2004, affirmed the 2003 judgment of Bahamas Supreme Court judge the Hon. Mr. Justice Austin Davis. In April 2003 Davis J. dismissed SSBT's appeal from the decision of the Governor of the Central Bank revoking SSBT's bank and trust licence in 2001. The hearing of SSBT's appeal in the Privy Council is scheduled for 8th and 9th February, 2006.

Central Bank's petition to wind-up SSBT

On 11th August, 2005 the Hon. Mrs. Justice Vera Watkins heard the Central Bank's application by Summons filed on 4th March, 2005 for directions as to the further conduct of the Bank's petition to wind up SSBT. The Bank sought inter alia to have the winding-up petition set down for hearing. The Bank's application was opposed by the Attorney for SSBT who applied by summons filed on the 4th April, 2005 to have the hearing of the winding-up petition stayed pending the outcome of SSBT's appeal in the Privy Council. Watkins J. adjourned the matter sine die to consider the arguments presented on behalf of the Central Bank and SSBT.

Justice Watkins handed down her ruling, dated 18th October, 2005 refusing the Bank's application to have its winding up petition set down for hearing because of the imminent approach of the hearing of SSBT's appeal to the Privy Council. The judge granted a stay of the hearing of the petition until after SSBT's appeal in the Privy Council is determined.