March 1, 2019
(CMR) Ormond Williams, former president at Cayman National Bank filed a wrongful termination lawsuit against the company yesterday. Listed defendants are:
Cayman National Bank Limited
Cayman National Corporation Limited
Cayman National Property Holdings
Cayman National Mortgage Fund Limited
Cayman Marl Road first broke the story in mid November 2018 that he was terminated from the organization. Whilst our story was based on exclusive sources Williams did not personally make any statements at the time. However, he has now formerly confirmed his opinion that he was wrongful terminated with the filing of this lawsuit where it states he was:
“wrongfully and without proper legal justification, terminated and otherwise breached the Plaintiff’s contract of employment as President … as a consequence of which the Plaintiff suffered loss and damage.”
He also is seeking a declaration that he is still a director and should therefore be entitled to all the rights and benefits as a director including director’s fees; which have been unpaid from the date of his appointment.
He further claims breach of contract, exemplary damages and aggravated damages with interest and costs.
William’s termination surprised many in the community as he was well liked both inside and outside of the organization and had served in the capacity of president for over 15 years. Marl Road rumors are that the soon to be new owners made the decision to remove the president.
In further CNB news we understand that the acquisition of the bank by a Trinidad entity is entering its final stage has the Cayman Islands Monetary Authority has given its approval.