Gulf Insurance Limited v Central Bank of Trinidad & Tobago
Citation: All ER (D) 153 (PC)
Nature of case:
Gulf Insurance appealed against the decision of the Court of Appeal of Trinidad and Tobago dismissing an application for judicial review of the Central Bank’s decisions to assume additional powers and to transfer the assets and undertaking of Trinidad Co-operative Bank to a new institution. The relief sought included a declaration that the acts in question were ultra vires and a claim for damages. Allowing the appeal, the court held that the unlawful disposal of assets was a conversion which was not immune from liability. Acts done in the performance or in connection with the performance of functions conferred on the Bank should be restrictively construed, and not treated as a license for unlawful expropriation without compensation.