$27 million in assets frozen

■ Nikita Braxton-Benjamin

nikita.braxton@trinidadexpress.com

THE court has frozen over $27 million in assets belonging to six former employees at Ansa Bank Ltd in a matter that alleges fraudulent loan transactions.

The matter involves the ex-employees who worked in varying capacities at the bank, six car businesses and a woman who was in a relationship with one of the ex-bankers.

In varying the interim order, during a virtual hearing yesterday, Justice Frank Seepersad stated that the six former employees were not to remove, dispose of, deal with or diminish the value of any of their assets ranging from between $15 million to $400,000 that they have in this country.

The case was described as allegedly involving an intricate web of fraudulent conduct.

It is alleged that the former employees– Randy Gottsleben, Dwayne Rojas, Zaria Sankar, Navindra Rambarran, Reyvaan Rampersad and Kerry Ramsarroop, who were employed at the bank's Chaguanas branch-colluded among themselves and then worked together with the car companies– Ceylon Marketing Ltd, Joalex Auto Ltd, Miva Import Export Consultancy Ltd, Arnold Ramjass Auto Mechanical and Painting Garage, Diamond Conceptions Company Ltd, It's A Deal Ltd–and Adriana Ramsingh, in relation to securing loans between June 2021 and June 2023.

It is alleged that there was fraudulent representations to the bank and also that fraudulent documents including certified extracts not consistent with invoices, were allegedly generated by the car companies with respect to motor vehicles. False insurance policies were also allegedly found.

The bank, represented by attorneys Bryan McCutcheon and Candace Layers, applied for a Mareva injunction to freeze the assets pending the determination of the matter. Ansa's position is that transactions were sanctioned based on fraudulent representation.

In making submissions, McCutcheon said that the bank feared that there will be dissipation of assets. He added that, given the long-standing nature of the alleged frauds, should there be judgement in its favour, there may be no monies left to recover.

Attorney Saddam Hosein, who represented two of the former employees, and attorney Roland Bain, who represented the car companies disagreed, saying there was a paucity of evidence as to the risk of dissipation.

Seepersad however said that the court case presented by McCutcheon during his submissions had cemented in his mind the view that there is a distinct connection between assertions of fraud and dishonesty and the likelihood of dissipation.

Seepersad continued the order as it related to the former employees. He stated that, 'Given the nature of the application before the court, the court must address its mind to the issue as to whether or not the claimant has demonstrated a good arguable case and, based on the information placed before the court at this stage, the court holds the view that the refusal of the Mareva injunction would involve a real risk that the judgement awarded in favour of the claimant would remain unsatisfied.'

He allowed for the freezing injunction to continue in relation to the six former employees to the sum of $27,159,296.87. As it concerned the car companies, he said he needed more information and released the freezing injunction. Ramsingh's asset was in relation to a mortgage and Seepersad said there was no risk of dissipation there.

The order was also varied for the defendants to, by October 20, file and serve, to the best of their ability, a list of all their assets in Trinidad and Tobago which exceed $10,000 whether in their own name or not or whether solely or jointly owned, giving the value, location and details or such assets.

Documents are to be filed and served by both parties in the matter, which next comes up for hearing on December 11 for a further decision on the freezing orders until the trial. Apart from Hosein and Bain, the defendants were also yesterday represented by Ravi Rickhi, Avril Gay, Lois Nelson, Andre Koomalsingh and Issa Jones.