By Monique Washington

Kevin Huggins, Chairman of the Board of Directors at the Bank of Nevis, has been placed on suspension from all duties for alleged extortion.

Mr. Huggins, who has over 20 years’ experience in finance, was placed on suspension and probation of voting rights while the investigation is underway.

According to a letter obtained by The Observer and signed by the Deputy Governor of the Eastern Caribbean Central Bank Trevor O B Brathwaite, it was brought to the attention of the Eastern Caribbean Central Bank that he is the subject of an investigation initiated by the Financial Services Regulatory Commission -Nevis branch, to ascertain allegations of extortion.

Bank officials reviewed the material provided to them and took the action saying a likely violation did occur. The letter further states that the ECCB intends to conduct its own investigation into the matter.

“Pending the completion of our investigation and pursuant to sections 75 and 77 of the banking act of St Christopher and Nevis 2015 (no. 1 of 2015) we hereby issue the following directives with immediate effects, you ( Huggins) are hereby  prohibited from the exercising whether directly or indirectly the voting rights attached to your shares in the BON as well as any proxies held until further notice, you (Huggins) are hereby suspended from your position as director with the BON and it affiliates until further notice,” the letter stated.

The letter ends by warning Huggins if he fails or refuses to comply with the proceeding directives, further regulatory action will be taken against him under the banking act.