CKC’s claim against Central Bank rejected

June 03, 2015 9:00 AM
PHILIPSBURG--The Court of First Instance on Tuesday declared the trustee in the bankruptcy of Christian Kingdom Cooperative (CKC) inadmissible in his claim filed against the Central Bank of Curaçao and St. Maarten.
 
The trustee, attorney-at-law Jeroen Veen, held the Central Bank liable for the damages CKC’s accountholders suffered after the Court in First Instance declared the credit union bankrupt on December 22, 2010, at the Central Bank’s request.
 
In an administrative court procedure, the curator had asked the Court to condemn the Central Bank for wrongdoings towards all CKC-accountholders and to order the bank pay damages with interest. Due to the bankruptcy, accountholders, who had entrusted CKC with their savings, lost all their money.
 
The trustee claimed that CKC should never have been granted a permit. Without a licence CKC would not have been able to operate.
 
The Central Bank had asked the Court to declare the trustee inadmissible in his claim because it only covered damages incurred by accountholders, while CKC also had other creditors.
 
Judge Tamara Tijhuis followed the Central Bank in its reasoning, and declared the trustee’s case against the Central Bank inadmissible. The trustee was also ordered to pay the cost of the legal proceedings, estimated at NAf. 2,250.
 
The Judge said that a trustee has been appointed to manage and administer the bankruptcy estate on behalf of all creditors, and not on behalf of a certain group of creditors, in this case the account holders. It emerged that there is one other creditor with two separate claims against CKC.
 
The Central Bank gave CKC a licence to operate as a credit institution on June 19, 2002. Fifteen months later, the problems started for the credit union after it emerged CKC had insufficient solvency and liquidity, and also did not have a supervisory board.
 
Source: The Daily Herald

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