Firm challenges freezing account in Liechtenstein

A CONSTRUCTION company — Corethra AG — has filed an objection in the Liechtenstein Court to a freezing order granted to the Trinidad and Tobago Government for the inspection of an account containing close to US$1.3 million. Corethra AG is the owner of the account in question. The company filed the objection last week and asked for a hearing to address the court on the issue of the TT Government inspecting the account. The hearing has been fixed for July 27. In its objection, Corethra AG indicated that it plans to call Steve Ferguson and Raul Gutierrez to testify at the hearing. Ferguson is the former chairman of Maritime Life Insurance Company, while Gutierrez worked with Calmaquip Limited. Ferguson is one of eight persons now before Chief Magistrate Sherman Mc Nicolls in the Port-of-Spain Magistrates’ Court charged with a series of offences arising out of the Piarco Airport Terminal Development Project.

Gutierrez was also charged with others for another set of offences, but has not yet been arrested. Negotiations are underway between officials in Trinidad and Miami for Gutierrez to come to Trinidad to surrender and answer the charges. Ten other persons were charged with offences relating to an alleged $144 million fraud and this matter was postponed to September 8. The TT Government obtained an order from the Liechtenstein court freezing the bank account of Corethra AG and its contents. The Liechtenstein court also granted an order allowing the TT Government to inspect the bank records to determine if the money in the account relates to money from the Piarco Airport terminal development project.

The Liechtenstein Court required the posting of a US$95,000 bond as part of the freeze order and conditioned the inspection of the records on the posting of that bond. Attorney General John Jeremie said earlier this week that the Government has approved the necessary bond funds to allow the inspection of the Liechtenstein bank accounts and records, as well as continuing the freeze order. “I have instructed the legal team to pursue this matter until all of the proceeds of the Piarco International Airport project crime are returned to the people of Trinidad and Tobago.”