(Trinidad Express) The Hindu Credit Union (HCU) bought a foreign used vehicle from Roma Maharaj, the wife of its president Harry Harnarine, for just under TT$1 million, Senior Counsel Deborah Peake said yesterday.
However the Toyota Land Cruiser, registration number PBN 2827, remained in Maharaj’s name.
The vehicle cannot be located by the liquidator.
Peake, who represents HCU liquidator Ramdath D Rampersad, made the statement as she cross-examined Harnarine at the Commission of Enquiry taking place at the Winsure Building, Richmond Street in Port of Spain yesterday.
Peake said in 2003 the HCU paid TT$430,000 for Maharaj’s foreign used vehicle.
A further TT$540,000 was then paid for parts and maintenance.
Harnarine yesterday said the TT$430,000 price paid by the HCU for the vehicle was “market price”.
He said there was a TT$350,000 discrepancy in terms of the payment for the parts and once that amount was subtracted the cost was “quite normal”.
HARNARINE: “Anyone that owns a vehicle will tell you that these expenses are quite normal.”
PEAKE: “Most of us here Mr Harnarine own vehicles and we find it extraordinary that the Hindu Credit Union took depositors’ money and paid nearly TT$1 million for a foreign used vehicle that it still does not have in its possession.”
Harnarine said the reason the ownership of the vehicle was not transferred to the HCU was because of difficulties experienced at the Licensing Office.
Harnarine said the reason the vehicle could not be found by Rampersad was because it has been sitting in a mechanic’s garage in Abdool Lane, Chase Village for the past four years.
Peake then raised the issue of a BMW car, registration number PBL 5995, which was also in Maharaj’s name.
The car was used to secure a TT$1.2 million loan Harnarine took from the HCU.
In February 2009, the car was repossessed by Rampersad and was scheduled to be sold and the proceeds applied to Harnarine’s loan.
On May 15, 2009 the repossessed car was taken from the HCU’s compound.
PEAKE: “Vehicle 5995 where was it after it was taken out of the HCU’s compound in May 2009 and where is it now Mr Harnarine?”
HARNARINE: “That vehicle has been sold.”
Harnarine and Peake squared off several times during a heated sitting of the enquiry yesterday.
Harnarine is scheduled to return to the witness stand today to be cross-examined by Stuart Young the attorney for auditors Ernst and Young.
