NEC recovers US$3.5M

In a media release yesterday, the Ministry of Energy stated the recovery had been achieved through the assistance of Dubai-based attorneys together with executives of the NEC. “The process required assiduous and concerted efforts across multiple jurisdictions to recover the stolen money in the interest of the NEC and citizens,” the release stated. The Ministry recalled that on Monday 26 September, 2011, its US Dollar account at First Citizens Bank was debited in the amount of US$9,608,995.41 with three wire transfers from the account to banks in Boston, Antigua and Dubai. The Ministry stated that funds illegally transferred to Antigua in the amount of US$4,633,747.35 were subsequently recovered in October 2011, as it had not yet reached the recipient’s bank account.

Following this, mediation proceedings commenced between the Boston recipient, the NEC and First Citizens, with the parties arriving at a settlement in 2013 for the return of US$912,608.90 out of the total sum of US$1,250,217.71.

Criminal and Civil proceedings were also initiated against the recipient in Dubai by the NEC and the Dubai authorities.

In November 2014, the Dubai courts sentenced him in absentia to three years imprisonment.

Subsequently, the civil proceedings were heard and upon successful completion, the sum of US$3,562,566.62 was returned to the NEC account, the Ministry stated.