The Securities Commission of The Bahamas scoring a major win in the courts. The Privy Council in London has ruled in its favor, in a decade-old legal battle with Fundhaven, formerly Accuvest Fund Services and South America Investment Fund.
The Privy Council ruling upholds a Bahamas Court of Appeal judgement made back on June 22nd of 2016; which indicated that the appellants had not met the legal requirements for the court to hear the matter and for its dismissal of the case with costs.
The matter stems back to a fine imposed on the appellants under the Securities Commission of the Bahamas’ disciplinary process.
Now, Fundhaven and South America Investment Fund Ltd. appealed the decision to the supreme court which reduced the fine, while still finding against the appellants.
However, the appellants then sought from the Supreme Court a certificate of ‘a point of alone of general public importance,’ which is a legal requirement to appeal to the Court of Appeal.
However, the Court of Appeal determined that the standard was not met and dismissed the case.