The High Court of Saint Lucia, Commercial Division, has ruled in favour of Bolum Twenty-Three Limited and its ultimate beneficial owner, ordering Petrus Private Bank Limited to release funds that had been frozen for nearly four years.
The Honourable Justice Cadie St Rose-Albertini held that while the bank was entitled to place a temporary hold on the account in October 2021, it was unreasonable and unjustified to maintain the restriction indefinitely without proper legal proceedings or a court order.
The Court noted that while banks may act swiftly to preserve assets when disputes over ownership arise, a temporary hold must not be prolonged when based on unsubstantiated claims. In this matter, no legal action was pursued by the third party who initially raised concerns in Saint Lucia or in any other jurisdiction.
Counsel for the claimants, Ann-Alicia Fagan, said the decision underscored the importance of balancing risk management with fairness. “Freezing accounts without timely legal justification undermines trust in the financial system. We are pleased that our clients’ rights have been vindicated,” she stated.
The case was heard during a two-day trial on 9th and 10th July 2024, with judgment delivered on 13th June 2025. Justice St Rose-Albertini ordered that the bank release the hold on the account within seven days of the ruling, affirming the rights of the claimants to access and manage their funds.
The claimants were represented by Ms. Ann-Alicia Fagan and Mr. Peter Marshall of MFC Law, along with Mr. Mikhail Charles of Five Pump Court Chambers.
