COURT RULES IN FAVOUR OF THE CENTRAL BANK

Published: Thursday April 3rd, 2003

The Central Bank of The Bahamas is pleased that the statutory appeal brought against its decision to revoke the bank and trust licence of Suisse Security Bank and Trust Limited (SSBT) has now been decided. The Bank is satisfied with the decision relating to this appeal. 

The Hon. Mr. Justice Austin Davis, ruled on Wednesday 2nd April 2003 that the Appellants failed to prove any grounds of their appeal and the judge dismissed the appeal 'in total'. The Central Bank considers the Court's decision to be an important affirmation of the regulator's authority under the law in these matters.

This confirmation of the authority conferred on the regulator by the Banks and Trust Companies Regulation Act, 2000, inspires continued confidence in the ability of Bahamas regulators to protect the quality of Bahamian banking services.