The High Court in Saint Kitts and Nevis, speaking through Justice Ian Morley, has ordered HAMILTON RESERVE BANK to pay out USD$85.1million claimed by its depositors, by the end of the month of October, in a ruling regarding seven civil cases pending against the bank, in which depositors allege the bank failed to disburse client funds upon demand during the past several years. The decision, which came in an omnibus 222-page judgment, which ordered that all depositors be fully paid by October 29, 2026.
The Court requested that both Nevis Premier Mark Brantley and the head of the SKN financial regulatory agency, consider " suspension of the Bank's license, pending investigation by the Regulator and law enforcement, " requiring an update from them on October 29, 2026. It also drew the matter to the attention of Saint Kitts law enforcement, and its Attorney General, asking for a "thorough independent investigation," including"if needed... criminal proceedings," encouraging assistance from the FBI and UK Serious Fraud Office, and if necessary " seeking extradition to Nevis."
The case, which also devoted a substantial portion of the opinion to another offshore bank, BONI, will be the subject of further articles, as the decision is far too complex to be properly covered in a single summary. The Court noted that, concerning this interlocutory order, there was no leave for the defendant bank to file an appeal.
Whether this decision will forever taint the offshore banking industry in Saint Kitts and Nevis, as being bereft of adequate regulation, is an issue that observers are asking themselves in the Caribbean this week, as well as whether Nevis Premier Mark Brantley, who has jurisdiction to cancel the bank's license, will do so, and whether he will resign his office. Stay tuned for further coverage of this case,
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