A COMMENTARY FROM THE BANK OF CANTRADE MANAGING DIRECTOR
J G Bärlocher (received via e-mail on 11th April 2002)
AABA believes in social dialogue. It is cery happy to give voice to
diverse viewpoints. Here we publish a commentary (see below) by the Bank
of Cantrade Managing Director. We have also invited him (11th April and
25th April) to submit further comments on what he considers to be "numerous
inaccuracies". We have not received a reply.
I am the current managing director of Cantrade Private Bank Switzerland (CI) Limited. My attention has been drawn to the information on your website regarding the Bank.
There are numerous inaccuracies in that information, but my main concern is that your website gives the impression that the matter is still ongoing and, in particular, that investors who suffered losses remain uncompensated. I feel that this should be corrected.
The true position is that certain investors in the Troy Trust Service who suffered losses accepted compensation as early as 1997 from Cantrade in respect of those losses. The remaining investors accepted compensation (totalling approximately $28 million) from Cantrade and from Touche Ross in October 2000, following which the civil court action was discontinued.
The criminal proceedings against Cantrade were concluded almost four years ago, in May 1998, when the Bank was fined £3 million for four counts of recklessly (but not dishonestly) misleading investors, and two individuals, not from the Bank (one was a Touche Ross, UK partner) were imprisoned for making statements which they knew to be misleading.
Since July 1998, the Bank has been regulated by a new body, the Jersey Financial Services Commission and the Bank's management team has changed completely from that involved in the events which led to the civil and criminal proceedings.
It is not for me to suggest to you whether or not this is still newsworthy, but I trust that you will at least ensure that the information on your website is accurate.
J G Bärlocher