BAHAMAS: SUPREME COURT REJECTS CANADIAN BID TO ENFORCE $20 MILLION SANCTION AS UNENFORCEABLE “GOVERNMENT PENALTY”

On 14 February, Eye Witness News reported that a Supreme Court judge has rejected a bid by the Ontario Securities Commission (OSC) to enforce a $20 million sanction against a Bahamian resident – Wayne Pushka, ruling that it was a government penalty and not enforceable in the Bahamas.  The penalty dated from 2014, and the case involved a claim that nearly C$5 million were transferred to The Bahamas and the balance of C$13.5 million at issue to a trust company in Liechtenstein.  However, the judge noted that there was no allegation or suggestion that Pushka engaged in fraud of any kind and that thought it was possible for receivers to recover money for harmed investors, it was not, however, possible for foreign governments to enforce fines and penalties.

https://ewnews.com/judge-rejects-ontario-securities-commission-bid-to-enforce-20-million-sanction

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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