Sep 2005 Financial News

Mora Ven fraud case adjourned again

Sep 06, 2005

Magistrate Rajendra Rambachan yesterday adjourned a matter in which he was to rule on the Mora Ven fraud case, after he was presented with legal authorities on why he should not.

Presiding in the traffic court, Rambachan had been called upon to decide on the six fraud charges, involving $14.23 million, brought against former Mora Ven director Dr Krishna Persad by current chairman George Nicholas on Friday.

Attorneys for Persad requested the magistrate to wait until the Court of Appeal ruled on the order made by High Court Judge Rajendra Narine, ordering Rambachan to reconsider his decision to free the former director.

Persad's attorney, Gilbert Peterson, SC, had warned the magistrate on Friday against making a decision then, since the defence had lodged an appeal against Narine's ruling.

Yesterday, he reiterated his advice, providing the magistrate with legal authorities on why he should not make a decision until the appeal hearing was completed.

Fyard Hosein, SC, who appears on the State's behalf in the appeal, also provided the magistrate with resources to wich he could refer before making his decision.

Nicholas' attorney, Patricia Roberts, was not present for the matter, but her son Shastri held for her.

Rambachan then adjourned the matter to September 28 for his ruling on whether he will decide on the case now or after the appeal is heard.

In December 2003 Rambachan upheld the no-case submission made by Peterson and discharged Persad.

The private fraud charges which were brought against Persad were based on two cheques, both dated June 20, 2002, signed by Persad abd George McHarris, and payable to Krishna Persad and Associates.

Both cheques were allegedly presented to Republic Bank on High Street,San Fernando, and deposited into KPA's account.

One cheque was for $1,456,000 and the other for US$872,000.

The TT cheque was converted to US$235,980.55 and deposited into KPA's account.

Reshma Ragoonath
The Trinidad Guardian
Tuesday, 6th September, 2005.