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The Royal St. Christopher and Nevis Police Force has sought the assistance of the International Crime Organization (Interpol) for the arrest and extradition of CEO of the Bank of Nevis International Ltd Michael Prest.

The White Collar Crime Unit of the Police Force launched an investigation into Mr Prest based on a report made by Canadian National Mark Kutcher.

According to a press statement issued by the Police Force in St. Kitts and Nevis, “An investigation into the matter has revealed that some time in 2018, Prest contacted Kucher with a proposal to acquire 40% shares in the Bank of Nevis International Limited, the other 60% being owned by Prest’s company Petrodel Investment Advisers Nevis Limited. The investigation further revealed that an agreement was made between Petrodel Investment Advisers Nevis Ltd. and BNI Holdcorp Ltd.”

Kucher is part owner of BNI Holdcorp Ltd, while Prest is the owner of Petrodel Investment Advisers Nevis Ltd.

The terms of the agreement indicate that Kucher would pay two million five hundred and thirty thousand US dollars (USD$2,530,000), which would be used to purchase the remaining shares. In return, Kucher would receive 49.9% shares in the bank and would be made a Director and Chief Investment Officer at the bank.

The statement informed that their agreement was formalized in writing in April 2019 and in December 2019, Kucher transferred the USD$2,530,000 to Petrodel. Kucher’s money was used to purchase the 40% shares in the Bank of Nevis International.

It said since the transfer of the money and the purchase of the shares by Petrodel Limited, and despite numerous requests, no shares have been transferred to Kucher.

Further, the investigation reveals that no application was made by Petrodel Ltd. or the Bank of Nevis International to the Regulatory Body to transfer any shares to Kucher.

It is reported that Prest told Kucher that the Regulatory Body declined to transfer shares to him.

The matter has been referred to the Director of Public Prosecutions in St. Kitts and Nevis who, after reviewing the file, has advised that Prest should be prosecuted for the offences of Fraudulent Conversion and Fraudulent Conversion by Trustee.

Warrants for Prest’s arrest have been granted by the Magistrate in Nevis.

At present, Prest is outside the Federation of Saint Christopher and Nevis, and the future progress of the matter is to be determined by the Director of Public Prosecutions, hence Interpol has been contacted.

The Bank of Nevis International Limited (BONI) is in no way associated with The Bank of Nevis Limited (BON). The bank continues to distance itself from BONI, making it clear that “On December 31, 2019, The Bank of Nevis Limited sold one hundred per cent (100%) of its shareholding in BONI to Petrodel Investment Advisers (Nevis) Limited (PIAN), a Nevis registered company.

Since that date, the operations of BONI have been fully operated and managed by the owners of PIAN. The Bank of Nevis Limited maintains no shareholding in Bank of Nevis International Limited and is not an affiliate of that entity,” as stated on its website.