ANGUILLA–A release from National Commercial Bank of Anguilla (NCBA) announces the return of the funds “frozen” by Bank of America of the two former banks, National Bank of Anguilla and Caribbean Commercial Bank offshore subsidiaries.
The release states that on February 28, the Court of Appeal handed down a decision in favour of NCBA, ordering the Administrator of the two offshore subsidiaries to write to Bank of America to withdraw the freeze. As a result, Bank of America has agreed to return the frozen funds held with them to NCBA. The full amount of the funds is EC $40 million (approximately US $15 million).
The return of the funds comes approximately one year after the Administrator filed legal proceedings in the United States, and some ten months since the funds were frozen as a result of the Administrator’s demand. The statement from NCBA says, “Though it has been a long and tough road for the Bank since these actions were undertaken by the Administrator, causing significant hardships, we were thankfully able to use alternate arrangements in order to minimize any major disruptions to our customers.”
The Bank is thanking its customers for their unwavering loyalty and support over the past year. “We view this win as a win not only for NCBA, but for Anguilla as a whole, as we remain committed to ensuring that the Bank continues to play its part in the development of Anguilla and its people.”
Source: The Daily Herald https://www.thedailyherald.sx/islands/65863-bank-of-america-frozen-funds-released-to-ncba
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