ECCB 2017-2018 Annual Report and Statement of Accounts

158 ECCB ANNUAL REPORT 2017/2018 Eastern Caribbean Central Bank Notes to the Financial Statements March 31, 2018 (expressed in Eastern Caribbean dollars) 23. Contingencies and commitments ...continued Pending litigation ...continued (c) (expressed in Eastern Caribbean dollars)

EASTERN CARIBBEAN CENTRAL BANK NOTES TO THE FINANCIAL STATEMENTS

March 31, 2018

avoid and recover NBA’s transfers of its funds and assets to NCBA and net payment of US$13,837,233.30 to ECCB; and (d) damages for breach of fiduciary duty and gross negligence by the ECCB. On February 27, 2017 the Eastern Caribbean Central Bank filed a motion to dismiss on the basis of lack of subject matter jurisdiction, personal jurisdiction and forum non conveniens. On March 20, 2017 the Plaintiff filed an amended complaint. On April 27, 2017, the ECCB filed an amended motion to dismiss on the basis of lack of subject matter jurisdiction, personal jurisdiction and forum non conveniens . The Court ordered that this matter and the matter listed at (7) below be heard jointly. The cases were heard on October 26, 2017 and on January 29, 2018 the Court ruled that both proceedings should be stayed pending the outcome of the litigation in Anguilla. (6) Claim No. AXA/HCV2017/0017 BETWEEN NATIONAL BANK OF ANGUILLA (PRIVATE BANKING & TRUST) (in administration); Caribbean Commercial Investment Bank Ltd (in administration) (Intended Applicants) and Chief Minister of Anguilla; Attorney General of Anguilla; Gary Moving (as Receiver of the National Bank of Anguilla and Caribbean Commercial Bank); Eastern Caribbean Central Bank (Intended Respondents). The Intended Applicants have filed application for leave to apply for judicial review of various "decisions" made by the Intended Respondents concerning the implementation of the resolution strategy in respect of National Bank of Anguilla (NBA) and Caribbean Commercial Bank (CCB) including the appointment of the Receiver and the Receiver's actions including his transfer of certain assets and liabilities of NBA and CCB to National Commercial Bank of Anguilla. The application is scheduled to be heard on May 18, 2017. Subsequently, the Intended Applicants filed an application for a stay of the application for leave to apply for judicial review referenced above until the conclusion of the US proceedings referenced in (5) and (7). On June 14, 2017 the matter was heard by the Court and the stay was granted pending final determination of US matters listed in (5) and (7). (7) Case No. 17-01058 (SMB) BETWEEN CARIBBEAN COMMERCIAL INVESTMENT BANK LTD. (“CCIB”) (the Plaintiff) v CARIBBEAN COMMERCIAL BANK (CCB), NATIONAL COMMERCIAL BANK OF ANGUILLA (NCBA) and THE EASTERN CARIBBEAN CENTRAL BANK (the Defendants).