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CCNTV6
  • 4 hours ago
Transcript
00:00It's a case which began in October 2023 when the claimant Ansar Merchant Bank Ltd initiated
00:07proceedings against several of its employees and associated car dealers, alleging a conspiracy
00:13to defraud it through irregular motor vehicle loan transactions totaling approximately $30
00:20million. Ansar argued that 34 loans had been approved without proper security documents
00:26and that certain employees breached their contracts and fiduciary duties while others engaged
00:31in misrepresentation and dishonest assistance. During the trial, evidence revealed glaring
00:37irregularities. Several loan applications included inaccurate job letters, unusually high salaries for
00:45young applicants and vehicle documents that did not match the actual cause. Certified copies later
00:51confirmed that some of the supposed security was non-existent. The court found that one defendant
00:57failed to flag these discrepancies despite clear warning signs and effectively colluded with the
01:03roll-on roll-off dealers in an unlawful scheme to mislead the bank. However, High Court Judge Frank
01:09Sipersad, who presided over the matter, also criticized the claimant bank for systemic weaknesses
01:15in its internal processes. Sipersad said, quote, the claimant deliberately avoided proceeding against
01:21members of its senior management, whose evidence would have been helpful as they were poised to
01:26clarify how these loans were vetted, approved and dispersed, end quote. The court noted that a
01:32mandatory physical inspection of vehicles and stronger oversight could have prevented the losses.
01:37Ultimately, the court ruled that the second defendant, Dwayne Rojas, a business development
01:42officer with Answer Merchant Bank Ltd, from 2017 until 2021, breached both contractual and fiduciary
01:50duties and participated in a conspiracy with the first name defendant and the dealers, causing the
01:57bank to lose $30 million. The third, fifth, sixth and thirteenth name defendants were cleared as there
02:04was insufficient evidence that they participated in any wrongdoing. The judgment also calls for further
02:10action. Copies will be sent to the Director of Public Prosecutions and the Commission of Police to
02:16consider possible criminal charges. The Minister of Trade, Industry and Tourism will also review whether
02:22the dealers involved should retain their operating licenses. Justice Sipersad said, quote, the Registrar
02:28is directed to issue a copy of this judgment to the Honorable Minister of Trade, Industry and Tourism
02:33to determine whether the roll-on, roll-off dealers should retain the requisite licenses to operate,
02:39end quote. Sipersad highlighted the broader implications of the case, including a culture
02:44of delays in civil litigation. He said timeliness should be strictly adhered to to ensure timely
02:49delivery of justice, emphasizing that efficient courts are essential to protect citizens and
02:55investors. He said, quote, lawyers must manage their time effectively to avoid contributing to the
03:01culture of delay that significantly impacts the court's ability to deliver justice, end quote.
03:06A hearing on costs will be scheduled in the coming weeks.
03:10Ravishita Mwari Ruknarain, TV6 News.
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