TCL discontinues lawsuit

Espinet was one of the 11 shareholders challenging the TCL board. On August 19, a majority of shareholders unanimously voted in a new board at a Special Compulsory Meeting of Shareholders at the Radisson Hotel, Wrightson Road, Port-of-Spain.

Six directors — chairman Andy Bhajan, Dr Rollin Bertrand, TCL chief executive officer who had a seat on the board, Bevon Francis, Carlos David Hee Houng, Leonard Nurse and Brian William Young — were removed.

Espinet was elected as chairman while retired public servant and former permanent secretary, Allison Lewis; Jamaican businessman Christopher Dehring; attorney Michael Hamel-Smith; engineer Francisco Aguilera; engineer Carlos Alberto Palero and businessman Nigel Edwards were all voted in on the new TCL board. At a brief sitting yesterday before Justice Frank Seepersad, Stuart Young, who represented Espinet, informed the judge that all parties had agreed to discontinue the action which brings an end to all the proceedings before the court. TCL was ordered to pay Espinet’s costs which will be assessed.