WILLEMSTAD - The Giro Bank appeals against a court ruling in which the bank has been unsuccessful against the former chief financial officer in connection with an alleged embezzlement case.

It concerned a claim by the Giro Bank against former financial director Stephen Capella for embezzlement. In the opinion of the court of first instance, the role of this former CFO was insufficiently substantiated.

In summary, the Giro Bank filed a lawsuit and demanded that all defendants pay 7,260,000 US dollars and 3,000,000 US dollars. In addition to Capella, former CEO Eric Garcia and Giro Holdings - of whom Garcia was a director - were also summoned, but the latter was suspended on the grounds of an issue relating to the Bankruptcy Decree.

Giro Bank, however, was not able to convince the judge on the case against its former CFO. The bank, which has been under the supervision of the Central Bank of Curaçao and St. Maarten since December 2013 in connection with the emergency regulation, will not give up. They already announced that they will appeal the decision of the court.