September 26, 2020

CIMA Appoints EY’s Hutchison and Loebell as Controllers of Caledonian Bank Limited

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Release Thu 12 2015

CIMA Appoints EY’s Hutchison and Loebell as Controllers of Caledonian Bank Limited

This serves as statement on behalf of the Controllers, that The Cayman Islands Monetary Authority (“CIMA”) appointed Keiran Hutchison and Claire Loebell of Ernst & Young, Ltd. as Controllers of Caledonian Bank Limited (“CBL”) and Caledonian Securities Limited (“CSL”) on 10 February 2015. The appointment of the Controllers by CIMA vested immediate control of the affairs of CBL and CSL to the Controllers. The Controllers will report their initial findings concerning the affairs of CBL and CSL to both CIMA and the Grand Court of the Cayman Islands, and CIMA will then be in a position to determine what further action to take.

In the meantime, the operation of all services to the customers and clients of CBL remains suspended.

The Controllers are not appointed over any other entity within the Caledonian group of companies.

An update will be provided to stakeholders as soon as possible.

Enquiries can be directed by written correspondence to Barry McManus at [email protected].

Release Wed 11 1015

Caledonian Securities Limited and Caledonian Bank Limited – In Controllership

The public is advised that effective 10th February 2015 the Cayman Islands Monetary Authority (“the Authority”) appointed Mr. Keiran Hutchison and Ms. Claire Loebell (“the Controllers”) of the firm of Ernst & Young Ltd., to assume control of the affairs of Caledonian Securities Limited (“CSL”) pursuant to section 17(2)(viii) of the Securities Investment Business Law (2011 Revision). On that same date, the Authority appointed Mr. Hutchison and Ms. Loebell to assume control of the affairs of Caledonian Bank Limited (“CBL” and, together with CSL, the “Licensees”) pursuant to section 18(1)(v) of the Banks and Trust Companies Law (2013 Revision).

Effective with this appointment the Controllers assumed immediate control of the affairs of CBL and have all the powers necessary, to the exclusion of any operator, to administer the affairs of CBL in the best interests of its depositors, investors, and creditors. The Controllers also assumed immediate control of the affairs of CSL and has all the powers necessary, to the exclusion of any operator, to administer the affairs of CSL in the best interests of its clients, investors, and creditors. The Controllers are also responsible for assessing the financial position of the Licensees and submitting a report to the Authority by a date to be specified.

Written enquiries to the Controllers should be forwarded to Barry MacManus by email at [email protected] or telephone (345) 814-8997.

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