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ST. KITTS | Gov't urging depositors to collect outstanding funds from liquidated bank

Prime Minister Dr. Timothy Harris Prime Minister Dr. Timothy Harris
BASSETERRE, St. Kitts, Aug 11, CMC – The St. Kitts-Nevis government is urging depositors who have not yet recovered their investments from the now defunct Bank of Commerce to fill out the necessary documents quickly in order to recoup their monies.

In 2015, the government announced that a court settlement had been reached after three decades of the bank being in liquidation, paving the way for customers and creditors to recover their money through the St. Kitts-Nevis-Anguilla National Bank.

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Prime Minister Dr. Timothy Harris told the National Assembly Thursday that an estimated EC$13 million (One EC dollar =US$0.37 cents) had so far been paid out to depositors.

“It was reported that 4,707 cheques, amassing a grand total of EC$18.8 million were available for distribution. I can report that a year and a half later, 1,033 cheques have been distributed totalling $13.54 million,” Harris told legislators.

“The sum of EC$4.6 million has not yet been collected. These of course, when we look at the total cheques, 4,707 being prepared and 1,033 being distributed, clearly these are some of the small depositors with the bank who have not yet gone to collect,” he added.

Prime Minister Harris then urged depositors to quickly process their claims, adding “the vast majority of the cheques that have been unclaimed, I am advised, are as a result or consequence of the sole account holder died intestate and the letter of administration required for the next of kin to claim had not yet been processed by these persons.

“Another category that has been delinquent is some of the account holders who are deceased and no one has come forward. Thirdly, some account holders have migrated overseas and fourthly, persons listed as trustees and not joint account holders have basically not come forward and there is a decision to be made by the liquidator regarding these situations where persons are listed on the accounts, not as joint account holders but simply as trustees, and whether in this consequence the bank ought to make these payments,” Harris said.

The Bank of Commerce (St. Kitts and Nevis) Trust & Savings Association Limited went into compulsory liquidation on May 9, 1985.

  • Countries: St_Kitts_Nevis