Depositors to recover losses 30 years after collapse of bank in St Kitts

Prime Minister Dr. Timothy Harris announced that after three decades of the bank being in liquidation, a court settlement had been reached and payments would be made “in the not too distant future”.

Making the disclosure during yesterday’s sitting of Parliament, he acknowledged that the 30 years it took to reach this stage was an “entirely unsatisfactory period of time” but said the settlement would still bring “tremendous relief to the many suffering depositors in the Bank of Commerce”.

The bank was put into liquidation on May 9, 1985 by order of the court, in response to a petition filed on February 2, 1985, by the Social Security Board (SSB), one of the financial institution’s creditors.

As a result of the settlement, the SSB will receive about EC$1.4 million (US$518,518) and the government, which had substantial investment in the bank, would get about EC$1.2 million (US$444,444).

Additionally, the Nevis Philatelic Bureau is in line for just over EC$250,000 (US$92,592).

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