Tuesday, April 22, 2008, St. George’s: The Minister of Finance has filed a petition in Court for the reorganization of Capital Bank International Ltd under the Banking Act of 2005 and is currently awaiting a date for the hearing of this Petition.  As previously announced, Government is working to protect the interest of depositors of the Bank.

The Minister has been provided with expressions of interest from several potential investors who are interested in various aspects of Capital Bank.  The potential investors have not yet had the opportunity to complete their due diligence, and as yet have not been able to provide the Minister with firm offers or letters of intent.

On a related matter, the Minister sought permission from the Court to have key information on the Bank released to the Minister and prospective investors in Capital Bank.  The Court subsequently ordered that the Receiver’s Report filed under seal with the Court on 25 February 2008 be released to the Minister, ECCB and Mr. Finton Debourg.  It also gave permission for the Report to be given to prospective investors.

Given the national interest in this matter, the Minister has also requested that the general findings of the Receiver’s Report be released to Parliament and the general public. The Court has thus far not acceded to this request.

Ministry of Finance (473) 435 - 0057