The US Securities and Exchange Commission filed a lawsuit in the US against Caledonian Bank Limited (the “Bank”), alleging fraudulent trading in securities. A temporary restraining order was subsequently issued by the USA Court (NY), restraining US$76 million of the Bank’s assets within the US.
In response to concerns regarding the regulatory implications of the SEC allegations and general concerns for the interests of the Bank’s depositors, the Cayman Islands Monetary Authority (“CIMA”) appointed controllers over the Bank on 10 February 2015 (the “Controllers”). On the same day, after receiving notice of controllership, the shareholders of the Bank voted to put the Bank into voluntary liquidation and appointed joint voluntary liquidators (“JVLs”).
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In the matter of Caledonian Bank Limited (In voluntary liquidation) (Unreported) (12 February 2015)