Elias threatens to force Imbert into bankruptcy over $55M payment

Diego Martin North-East MP Colm Imbert has a big bill to pay - about $55 million. And the man who is owed the money wants it right away otherwise he will move to declare the former Works and Transport Minister bankrupt and have him removed from Parliament.

A court on Friday ordered Imbert to pay more than $55 million to NH International (Caribbean) Limited (NHIC) that's owing for work done on the Grenada National Stadium construction project in 1997. The owner of NH is Emile Elias, who is the company's executive chairman

Justice Peter Rajkumar made the order Friday

Elias took Imbert to court over accusations that Imbert's firm had reneged on a contractual agreement and had refused to pay millions owed to him.

Elias filed a lawsuit against Imbert's firm, Clico Investment Bank (CIB) and National Stadium Project (Grenada) Corporation (NS) — a company Imbert was said to have formed to hold the lease on the stadium.

The lawsuit was seeking to collect a $17 million debt with interest, which would take the total amount to around $55 million.

Elias is happy with bth ruling and told local media Imbert’s attempt to “prevent NHIC from enjoying the fruits of its work” had failed. And he is not in a forgiving mood. 

He plans to explore all options available to have Imbert removed from Parliament and will also write the Government of Grenada asking for a full forensic investigation of the entire finances of the project.

In testimony before Justice Peter Rajkumar last October Elias alleged that Imbert’s company worked out an agreement for CIB to issue bonds to fund the million-dollar project. Imbert's company later fired NHIC and and said it did not enter into any agreement with NHIC.

Rajkumar ruled that NHIC was entitled to payment for work properly certified under its construction contract.