A man was yesterday placed on $400,000 bail after he was charged with fraudulent conversion.
Zou Kim, 36, of Block ‘7’ Mahaica, East Coast Demerara, pleaded not guilty to the charge when it was read by Chief Magistrate Priya Sewnarine-Beharry at the Georgetown Magistrates’ Court.
It is alleged that on April 7, 2012, at Vergenoegen, Essequibo, being entrusted by Clement Tameshwar, Kim received a quantity of furniture, valued $574,000 and fraudulently converted the proceeds of its sale to his own use.
Prosecutor Bharat Mangru said that Tameshwar is a businessman who sells furniture. He added that Tameshwar had given Kim the furniture to sell, shortly after which Kim disappeared and the numerous attempts Tameshwar made to contact him were unsuccessful. As a result, a report was made and Kim was arrested and charged.
Attorney Paul Fung-a-Fat, who made an application for reasonable bail to be granted, said that his client is willing to pay off his debt. He informed the court that Kim has been living in Guyana for the past 15 years. He also said that he has a wife and three children who reside in Canada.
Mangru made a request for bail to be substantial if granted and it was subsequently set at $400,000.
The case was transferred to the Vreed-en-Hoop Magistrate’s Court, where it is due to be called on October 14.