NEWSROOM

Friday, July 18, 2008
NCB – Olint can do any transaction

“We went to court today, and it is business as usual,” Dave Garcia, NCB Group’s General Manager, General Counsel and Special Projects said following a ruling today by the Court of Appeal that the National Commercial Bank should continue to operate Olint’s accounts in the normal way. The Court felt that the current status should be maintained until Olint’s claim has been tried, when Olint’s various allegations will be fully evaluated.

NCB had on Wednesday filed an application to the Court for directions on the handling of Olint’s accounts, due to various factors including the current investigation into the activities of the investment scheme in the Turks and Caicos Islands. This application had been filed prior to learning when judgment would be delivered. 

Mr Garcia went on to say that NCB has since the start of the proceedings earlier this year, continued to provide all the appropriate banking services to Olint which the Bank affords all its customers. “It has always been that lodgements and withdrawals could be conducted on these accounts, and this continues to be the case,” Mr Garcia said. However, he said that NCB’s concerns continue regarding the operation of the accounts when Olint has still not provided the necessary and requested Know Your Customer information, in particular audited financial statements requested in writing in August of 2007. NCB is therefore seeking to appeal the decision to the Court of Appeal.

In the matter of Olint v Hylton, in which the investment company sought to prevent Mr Michael Hylton, Q.C. from acting as counsel for NCB, Mr Garcia said that the Supreme Court dismissed this appeal as having absolutely no merit. “This means that Mr Hylton is free to continue his duties as lawyer for NCB in the proceedings. We are obviously satisfied with that result.”