Tuesday, October 29, 2013

AG hails precedent in eTeck case; looking forward to cases against Calder Hart and others

File: AG Anand Ramlogan
Attorney General Anand Ramlogan said on Monday a ruling in favour of the state in a case against the former eTeck board of directors is a "historic landmark ruling".

Roamlogan said it would allow the state to pursue cases against former State executives like Calder Hart, Leelanda Rampaul, Ken Julien, Malcolm Jones and others to face trial for actions and decisions they took while serving on State boards.

The accused served under the Manning PNM administration and Ramlogan took action against them following forensic probes ordered by the People’s Partnership administration.

Ramlogan pointed to a defence of a statue of limitations that the judge threw out. 

Ramlogan told the Express newspaper, "The four-year limitation period would not operate to bar claims when it can be showed that the alleged wrongdoers were themselves in control of the State company that suffered the loss."

He noted that the PNM was in power for eight years and stated that if the court had upheld the four-year limitation the case could not proceed.

"This judgment would revolutionise corporate governance, especially in the public sector, as board members would be alive to the possibility of a legal suit, even after they demit office, when wrongdoing is uncovered," the Attorney General said.

He added that the judgment had immediate consequences for civil lawsuits. These include:

  1. A $500 million lawsuit against Calder Hart
  2. A $1.2 billion lawsuit against former president of Petrotrin, Malcolm Jones for the GTL project
  3. The $30 million lawsuit against former eTecK directors for the failed Bamboo Network Limited investment
  4. A $12 million lawsuit against former UTT chairman, Ken Julien for the Aripo Guest House, which was leased for use by Juliana Pena, the former spiritual adviser to former PM Patrick Manning

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Jai & Sero

Jai & Sero

Our family at home in Toronto 2008

Our family at home in Toronto 2008
Amit, Heather, Fuzz, Aj, Jiv, Shiva, Rampa, Sero, Jai