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2003-01-29 17:43:10

Harajchi Case Wraps Up In Supreme Court

A month's wait for the ruling

A ruling into the Mohammad Harajchi, Suisse Security Bank & Trust case may not be handed down by the Supreme Court for at least another month.

The two-week long case wrapped-up closing arguments on Thursday.

During that time, defence attorneys for Suisse Security presented final arguments and rebuttals.

Suisse Security Bank & Trust had its banking licence revoked by the Governor of the Central Bank Julian Francis because he was of the opinion that the bank was conducting business that was detrimental to the public's interest and to the interests of its depositors or other creditors.

Since the onset of the trial, lead attorney for Suisse Security, Philip "Brave" Davis levied charges against the governor, claiming that Mr Francis abused his power and acted in bad faith when he revoked the bank's licence.

Mr Davis said his client was ambushed by Mr Francis, who did not give any indication to the bank that he was considering revoking its licence.

Mr Davis had questioned whether Governor Francis' power to suspend and revoke Suisse Security's bank licence was temporarily suspended by an injunction granted on March 2, 2001.

Mr Davis also questioned whether the Governor failed to give adequate reasons prior to the revocation of the bank's licence.

Throughout the trial, lead attorney for the Central Bank. William Blair QC strongly refuted criticisms that unfairness played a part in the Governor revoking the bank licence.

Mr Blair denied that Mr Francis concocted matters in order to find reason to close the bank. He said not only is that claim untrue, but there is not a shred of evidence to support it.

By Rogan M. Smith, The Bahama Journal

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