WILL ANY OF THE DEPOSITORS WHO HAD FUNDS IN NEVIS' HAMILTON BANK RECOVER THEIR MONEY?

We are advised that some of the litigation filed by depositors at HAMILTON RESERVE BANK could result in final judgments on or about September 15. Some of the plaintiffs, who allege that they have not been able to withdraw any of their funds from the bank, have also sued the local regulatory agency, the FSRC, the Nevisian Minister of Finance, who is currently the Premier, and the Attorney General.

The question becomes, who will recover their funds, and who might be unsuccessful? The allegations of failure to supervise the bank, on the part of the regulator and the minister, add an additional unknown to the possible outcome. Will the Government of Saint Kitts & Nevis, seeking to avoid the international damage which might emerge from any proof of negligent supervision, pay off some of the claimants, leaving others with only an uncollectible judgment? or will the Premier himself step in, and see if some, but not all, of the alleged victims are paid, either from bank assets or even government funds, to save his political career? Right now, there are far too many unknowns to be able to answer that question.

We will continue to monitor the litigation, and update our readers accordingly. New readers might want to review our prior coverage of the litigation.