Two business owners, who claimed that they went ahead and constructed a supermarket with their own cash based on an oral assurance by the then Chief Executive of GBTI that the financial institution would have granted them a loan, have lost a High Court case and now have to repay the bank more than $56 million plus interest and costs.
Justice Rishi Persaud this month granted the $56M judgment to the Guyana Bank for Trade and Industry (GBTI) against two customers of the bank, Chatterpaul Deo and Bibi Faneeza Deo, who challenged the foreclosure on their mortgage on the grounds that the bank’s then Chief Executive Officer, John Tracey gave them signals that their loan application would have been granted.
Filed since August 2015 in the High Court, the bank, in the case of Guyana Bank for Trade and Industry Limited V. Chatterpaul Deo and Bibi Faneeza Deo (Civil Action No. 2015-HC-DEM-CIV-CD-860), sought to recover $56,469,544 for two loans that the defendants defaulted on.
