GBTI moves to CCJ in loan dispute

The Guyana Bank for Trade and Industry (GBTI) has approached the Caribbean Court of Justice (CCJ), seeking redress in a long running loan dispute case.

The CCJ panel of judges heard the appeal yesterday in the matter involving GBTI and attorney Desiree Alleyne. GBTI had sued the attorney in 2002, after the company she represented defaulted on a $10M loan.

GBTI attorneys Kamal Ramkarran and Nikhil Ramkarran appeared at the hearing in Trinidad yesterday along with Alleyne’s lawyer, Lyndon Amsterdam. The court will rule on the case shortly.

The facts of the matter indicate that Wilzon Enterprise Incorporated borrowed $10 million dollars from the bank in 1996, and Alleyne, who was a director at the company, gave a personal guarantee for the loan. The company later defaulted on the loan and GBTI took legal action against Alleyne in 2002, when court proceedings where filed in the High Court.

Justice B.S. Roy heard the case in 2005 and judgment was granted against Alleyne in the sum of $10M. But the decision was reversed earlier this year when the Guyana Court of Appeal heard the matter and dismissed the case against Alleyne. Ruling in the case, Justices of Appeal Yonette Cummings-Edwards and James Bovell-Drakes ruled in favour of Alleyne while acting Chancellor Carl Singh gave a dissenting judgment.

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