Page 11 - The St. Kitts-Nevis Observer Issue-1158-06012017

LOCAL NEWS The St. Kitts-Nevis Observer. Friday January 6, 2017 Page 11

BON Director suspended on allegations

By Monique is the subject of an inves- in the BON as well as
Washington any proxies held until
tigation initiated by the further notice, you
(Huggins) are hereby
Kevin Huggins, Financial Services suspended from your
Chairman of the position as director with
Board of Directors at Regulatory Commission the BON and its affiliates
the Bank of Nevis, until further notice,” the
has been placed on -Nevis branch, to ascer- letter stated.
suspension from all
duties for alleged tain allegations of extor- The letter ends by warn-
extortion. ing Huggins if he fails or
tion. refuses to comply with
the proceeding direc-
Mr. Huggins, who Bank officials reviewed tives, further regulatory
the material provided to action will be taken
has over 20 years’ them and took the action against him under the
saying a likely violation banking act.
experience in did occur. The letter fur-
ther states that the ECCB
finance, was placed intends to conduct its
own investigation into
on suspension and the matter.

probation of voting

rights while the “Pending the comple-
tion of our investiga-
investigation is tion and pursuant to
sections 75 and 77 of
underway. the banking act of St.
Christopher and Nevis
Kevin Huggins, Chairman of the Board of Directors at the Bank of Nevis According to a letter 2015 (no. 1 of 2015)
obtained by The we hereby issue the fol-
Observer and signed lowing directives with
by the Deputy immediate effects, you
Governor of the (Huggins) are hereby
Eastern Caribbean prohibited from the
Central Bank Trevor exercising whether
O B Brathwaite, it directly or indirectly
was brought to the the voting rights
attention of the attached to your shares
Eastern Caribbean
Central Bank that he