Fine for trust office

October 21, 2010 5:20 AM

Capital Trust Corporation (CTC) must pay the Central Bank (BNA) a 75,000-guilder fine. This was decided last Monday by the judge in a case instituted by the BNA.

The trust office had not met their reporting obligations. The bank had already requested this several times in 2005.

In April 2008, the bank announced they would proceed to impose a 1000-guilder fine for each day that CTC was in breach of the law. However, they did not pay these fines either. In 2007, CTC did not meet their reporting obligation again and informed the BNA that the conditional fine of 75,000 guilders had become unconditional in the meantime.

Eventually there was a court case, whereby the BNA was proven right. The amount of 75,000 guilders must be paid, increased with the legal interest on that amount as from February 18th 2009. The trust office also has to pay the BNA’s legal costs: 248.68 on summon costs, 800 guilders on standing charges and 2200 guilders for the lawyer. The decision is immediately enforceable.

In this case the Central Bank (BNA) was represented by Luis Virginia and Marije Schneiderof law firm HBN Law and CTC N.V. by Andre Small of SMS Attorneys at Law.

21 October 2010

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