More wreckage from Anguilla’s offshore banking troubles has washed up in a U.S. bankruptcy court, with the filing of a chapter 11 proceeding for Caribbean Commercial Investment Bank Ltd., the Wall Street Journal reported on Wednesday. Tuesday’s chapter 11 filing in U.S. Bankruptcy Court in New York came from William Tacon, a court-appointed administrator of the Anguillan bank. Earlier this year Tacon also placed the offshore private bank and trust operation owned by the failed National Bank of Anguilla under bankruptcy protection in New York. Much of the legal action is taking place in Anguilla, where the fate of the homegrown banking system is a matter of great public interest. The money, however, is in New York, Tacon says, and that is why he’s using the investigatory powers of U.S. bankruptcy. In both bankruptcy proceedings, Tacon has taken issue with the handling of the troubled banks by local regulators. He is seeking U.S. court aid in tracking and reclaiming funds he says belong to depositors.
