Basseterre, St. Kitts, (September 15, 2015):- Prime Minister Dr. the Honourable Timothy Harris has confirmed that notice had been given that the money obtained in the Bank of Commerce settlement will be distributed to depositors of the failed bank in the near future.
This was revealed during the Prime Minister’s monthly press conference in September pertaining to the $15 million payment that is expected from the foreclosure of the Bank of Commerce. He stated unequivocally that “the Bank of Commerce will be making the pay out to the depositors in the next few days.”
The Prime Minister went on to explain that the confirmation had been given by Walter Simmonds of Simmonds and Associates and that the St. Kitts-Nevis-Anguilla National Bank was finalizing the pay-out details.
“That is of course good news to many people, who lost all of their savings, or felt until now that they had lost all of their savings in the Bank of Commerce,” Prime Minister Harris said, while noting that it took about 30 years for the processes of legislation involving the Bank of Commerce to conclude.
During the National Assembly of July 28, when it had first been announced that depositors of the bank stood to receive a payout, Attorney General Honourable Vincent Byron had disclosed that while the legal process took 30 years, it had been 33 years since the failure of the bank in 1982.
The bank had failed chiefly because funds had been used to purchase real estate in Nevis that led ultimately to its collapse. The Attorney General noted that in 1985 the actual liquidation of the bank took place along with the filing of law suits. In 1994 there was “the recovery of some 730 acres of land at Pinney’s Estate in Nevis.”