29th October 2014
The Honourable Hubert B. Hughes
Chief Minister and Minister of Finance
Government of Anguilla
The Secretariat
The Valley
Anguilla
Dear Sir:
Re: Caribbean Commercial Bank (Anguilla) Ltd. (“CCB”) and National Bank of Anguilla Ltd. (“NBA”).
As you may be aware, I am the host of a weekly radio program “The Phantom Show”.
Over the past few months I have been provided information by many Anguillans who have stated their grave concerns about the following:-
1. That shares in the United States securities markets owned by CCB were sold subsequent to the intervention by the ECCB. It is further reported that the sale was at a loss of as much as E.C. $ 40 million.
2. That the proceeds of that sale were deposited in an indigenous financial institution in another member state of the OECS.
3. That CCB’s United States Currency Deposits held in U.S. Banks were repatriated and converted into Eastern Caribbean Currency, and deposited in an indigenous financial institution in another member state of the OECS.
The people of Anguilla are very concerned by these reports, and having briefly discussed them last Saturday, it is my intention to raise these matters on my radio show this Saturday, 1st November, 2014.
When I was first told of these concerns, I contacted three Members of Government to inquire about this, and I was told that they have no information whatsoever, and further, that since the Central Bank “intervention” in August of 2013, the Central Bank has not, to the best of their knowledge, information and belief, reported to the Government of Anguilla on the state of affairs of CCB or NBA.
I am hereby requesting that you, as Chief Minister and Minister of Finance, do provide an answer to these allegations at the earliest opportunity, as I am certain that you would agree that these rumours are most disturbing, and you no doubt would be desirous of dispelling such information if it is not accurate.
In particular:
1. If in fact it is true that the CCB shares were sold:
a) Given that CCB was not experiencing liquidity problems, why were they sold?
b) How much were they sold for?
c) What gain/loss was realized on their sale?
d) Where are the proceeds of their sale, and why are they there?
2. If in fact the United States Currency Accounts were repatriated:
a) Why did that happen?
b) Have those funds been converted from U.S. Dollars to another currency?
c) If ‘Yes’, what currency, and why were they converted.
d) Where are those funds now being held, and where were they held from the act of repatriation until now, and why?
I intend to raise these issues in my radio show on Saturday I and do trust that the answers will be provided without delay so that the People of Anguilla can be fully informed on these matters.
Yours Sincerely
Thomas WR Astaphan, Q.C.
CC The Press
(Published without editing by The Anguillian newspaper.)
