ECCB 2016/2017 Annual Report

ECCB ANNUAL REPORT 2016/2017

151

(expressed in Eastern Caribbean dollars) Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2017 (expressed in Eastern Caribbean dollars) 23. Contingencies and commitments ...continued Pending litigation ...continued (i) An award of damages; (ii)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2017

An order for the avoidance of fraudulent transfers;

(iii)

An accounting as to the value of the Bank of Antigua.

On 26 March 2015, 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. ANUHCV2015/0518 b etween: Sylvia O’Mard (Claimant/Applicant) and ABI Bank Ltd, Eastern Caribbean Central Bank and Dwight Venner (the Defendants/Respondents). On 29 Sep tember 2015, Ms Sylvia O’Mard ( the “Applicant”) filed a fixed date claim against th e ABI Bank Ltd, Eastern Caribbean 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 in failing 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 2015, 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 2015. Following the hearing on 15 December 2015, the Court, on 22 December 2015, delivered its decision on the preliminary issue in favour of the Respondents dismissing the claim of the Applicant.