The Bahamian Supreme Court has turned down the appeal of Suisse Security Bank and Trust to have its banking licence restored. .
The dispute between the bank and the regulatory authorities began in March 2001, when Central Bank Governor Julian Francis withdrew SSBT's banking licence on the grounds that the bank had failed to formally fulfil certain prudential requirements.
Last week's judgement failed to find any grounds for SSTB's appeal, and the case was dismissed "in total". This is deemed by the Central Bank to be an important affirmation of the regulator's authority as outlined in the 2000 Banks and Trust Companies Regulation Act.
The bank's chairman, Mohammed Harajchi, who has lived in the territory for 21 years, has indicated that he will continue fighting to overturn the ruling.
A statement released by SSBT following the judgement by Justice Austin Davies said that the decision was "most disappointing and an outrage."
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