ECCB 2015/2016 Annual Report

EASTERN CARIBBEAN CENTRAL BANK

NOTES TO FINANCIAL STATEMENTS

(expressed in Eastern Caribbean dollars)

March 31, 2016

23.

Contingencies and commitments ... continued

Pending litigation ... continued

(2) Summons in a civil action (No. 3:13-cv-00762-n) between: the Official Stanford Investors Committee (Plaintiff) and Bank of Antigua, Eastern Caribbean Central Bank, Antigua Commercial Bank, St. Kitts-Nevis-Anguilla National Bank Ltd, Eastern Caribbean Financial Holdings Company Ltd, National Commercial Bank (SVG) Ltd, Eastern Caribbean Amalgamated Bank, and National Bank of Dominica Ltd, and Antigua and Barbuda (Defendants) is pending before the United States District Court for the Northern District of Texas, Dallas Division. The Plaintiff is seeking inter alia:

(i) An award of damages;

(ii) An order for the avoidance of fraudulent transfers;

(iii) An accounting as to the value of the Bank of Antigua.

On 26 March 2014, the Eastern Caribbean Central Bank (“the Bank”) filed motion to have the matter dismissed for lack of subject matter jurisdiction and personal jurisdiction. The Plaintiff has filed its response to the motion to dismiss and the Bank has filed reply. The motion is now fully briefed and the parties await a ruling on that motion. (3) Claim No. ANUHCV2014/0518 Between: Sylvia O’Mard (Claimant/Applicant) and ABI Bank Ltd, EasternCaribbeanCentralBankandDwightVenner(theDefendants/Respondents).On29September2014, Ms SylviaO’Mard (“theApplicant”) filed a fixeddate claimagainst theABI BankLtd, EasternCaribbean Central Bank and Dwight Venner (“the Respondents”). The Applicant sought, among other things:

(i) A declaration that Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement is unconstitutional;

(ii) A declaration that the actions of the Respondents inf ailing to release funds due to the Applicant and held at the first-named Respondent amounted to a breach of the Applicant’s constitutional rights;

(iii) An order for recovery of all sums demanded by the Applicant;

(iv) An order for restitution.

By Notice of Application filed on 18 November 2014 the Respondents applied to the Court for an Order declaring that the Court has no jurisdiction to try the claim as filed. The Court ordered a hearing of the Notice of Application including arguments in relation to the constitutionality of Article 5C(5)(a) of the Eastern Caribbean Central Bank Agreement on 15 December 2014. Following the hearing on 15 December 2014, the Court, on 22 December 2014, delivered its decision on the preliminary issue in favour of the Respondents

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ECCB A nnual R eport 2015/2016