ESSO Standard Oil SA Limited recently won a judgement of over $41 million in a case against Toolsie Persaud Limited (TPL) in the Commercial Court.

Justice Rishi Persaud on March 18 announced judgement in the sum of $41,551,040, for the plaintiff ESSO, which had taken TPL to court over a debt owing for petroleum products. Justice Persaud also ordered that the defendant pay interest of 6% from September 3, 2008 – the day the claim was filed – to March 18, 2009 – the day judgement was granted as well as 4% interest thereafter until full payment and costs in the sum of $110,000. By consent, there is a stay on the judgement of five months.

According to ESSO’s statement of claim, as per an oral agreement, ESSO delivered petroleum products to TPL for which payment was required within one month. Between October 23, 2007 and November 15, 2007, at the request of the defendant, ESSO delivered quantities of fuel to the tune of $27,905,635.  On November 29, 2009, TPL issued to ESSO, three cheques for the sums of $3,586,794 and $3,661.460 drawn on the Guyana Bank for Trade and Industry and $8,372,205 drawn on Republic Bank (Guyana) Ltd, which were all dishonoured. In addition, the defendant had a balance outstanding of $12,285,058.

ESSO sought to have the court order TPL to pay its debt in full.

Attorneys-at-law Timothy Jonas and Gino Peter Persaud of de Caires, Fitzpatrick and Karran represented ESSO in court while the defendant was represented by Raj Poonai.