Court of Appeal dismisses SSBT's appeal

Published: Wednesday June 30th, 2004

The Court of Appeal, in a unanimous decision, dismissed the appeal of Suisse Security Bank and Trust Company Limited (SSBT) around 2:00 p.m.on Tuesday June 29th 2004, after one and a half days of hearings. Justices of Appeal Maurice Churaman, President of the tribunal, Lorris Ganpatsingh and Emanuel Osadebay heard the appeal. 

SSBT's appeal to the Court of Appeal challenged the judgment of the Hon. Mr. Justice Austen Davis given in a statutory appeal brought by SSBT against the decision of the Governor of the Central Bank of The Bahamas, revoking its bank and trust licence. Davis J. rejected SSBT's appeal "in total" on 2nd April 2003 in an oral decision, confirming the Governor's decision to revoke SSBT's appeal. Davis J. handed down his written ruling on 25th April 2003. 

The Court of Appeal ordered SSBT to pay the costs of the Central Bank, both for the Court of Appeal hearings as well as for the statutory appeal brought by SSBT against the decision of the Governor of the Central Bank revoking SSBT's licence. 

The Central Bank of The Bahamas was represented in the Court of Appeal by Mr. William Blair QC, Mrs. Claire Hepburn, and Miss Rochelle Deleveaux. SSBT was represented by Mr. Philip Davis and Mr. Derek Ryan. 

The Central Bank will proceed to re-instate its petition to have SSBT wound up so that the assets of SSBT may be distributed to its depositors and creditors.