Magistrate Nyasha Williams-Hatmin was forced on Tuesday to adjourn the preliminary inquiry into the New Building Society (NBS) fraud to November 4 when it is expected that evidence will be taken after months of delays.
Stabroek News was told that when the matter was called at the scheduled time attorney-at-law Hukumchand who was appointed by the Director of Public Prosecutions (DPP) to prosecute the case said he could not proceed at that point because he had an engagement in the High Court.
Director-Secretary of NBS Maurice Arjoon of 1-2 La Fleur Road, Eccles; Assistant Mortgage Manager Kissoon Baldeo, 38, of 86 Zeeburg, West Coast Demerara and Operations Manager Kent Vincent of 1247 Canje Pheasant Lane, South Ruimveldt were initially charged with conspiracy to defraud the NBS of $69 million. However, last October, shortly after the matter was brought before the court, DPP Shalimar Ali-Hack ordered that the charges be withdrawn against the trio and reinstituted together with Ashley Legall, 59; Imran Bacchus; Amarita Prashad, 18; and Mohanram Shahebudin.
When the matter was called earlier this month, lawyers for the three former managers had informed the court that they would withdraw their proceedings in the High Court so that the matter in the Magistrate’s Court can move forward.
They had also applied for their clients’ $1M bail to be reduced to $200,000 as they were facing similar charges to the other four defendants. The magistrate on that occasion had said that once the High Court matter was withdrawn the defendants’ bail would be reduced.
This was done on Tuesday after attorney-at-law Anil Nandlall, who is one of three lawyers representing the trio, informed the court that the proceedings had been withdrawn.
To date, the only evidence submitted in the PI, is the testimony of Audit Manager Atma Lall Rajaram, on October 3 last, shortly after the first charges were laid. Since then the matter has been stalled by High Court proceedings filed by the lawyers.
The first charge alleges that on November 20, 2006, Legall, Bacchus and Shahebudin conspired with others to withdraw $20.5 million from the Savings and Prosper account in the name of Bibi Khan at NBS by way of two cheques. The second reads that on November 1, 2006 Legall, Bacchus, Prashad and Shahebudin allegedly conspired with others to withdraw $15 million from Khan’s account in the form of two cheques in the name of M. Kryshundayal and Compton Chase respectively. The third charge states that Bacchus, Legall, Shahebudin, Baldeo and Vincent on November 17 allegedly conspired to withdraw $22,664,000 from Khan’s account by using two cheques, one in the name of M. Hussein and the other, Compton Chase. And the fourth charge reads that on November 8, Arjune, Vincent, Bacchus, Legall and Shahebudin conspired with others to withdraw $32,230,384 from Khan’s account using two cheques.
Shortly after the reinstitution of the charges, lawyers for the managers filed a motion in the High Court before Justice Jainarayan Singh Jr asking that the court prohibit the DPP, the Commissioner of Police or any of his servants from reinstituting any new charges against them. The special prosecutor had said on at least one occasion that the prosecution could not proceed until the determination of the High Court matter, which was brought by Arjoon, Vincent and Baldeo.
