Lawyers for GBTI, SOCU continue arguments over release of info

Feb 15, 2018 News

Lawyers representing the Guyana Bank For Trade and Industry (GBTI) are continuing to defend the non-disclosure of financial information in relation to expenditure for the 2007 Cricket World Cup.
Yesterday, attorneys representing both the bank and SOCU continued their arguments at the High Court in Georgetown, over the release of records linked to the aforementioned spending.
Attorney Mr. Stephen Fraser appeared on behalf of GBTI while lawyer attached to the Attorney General’s Chambers, Ms. Leslyn Noble, presented on behalf of SOCU.
The matter was held in the chambers of Chief Justice (Ag) Roxane George, S.C.
During the hearing, Mr. Fraser contended that the bank had complied with the order of the court and released certain documents requested by SOCU. However, Ms. Noble pointed out that while GBTI did produce documents, it did not hand over all the information requested by SOCU, hence it was not in full compliance with the Court Order.
Following submissions from both lawyers, the Court ordered SOCU‘s attorney to file an affidavit in response to the challenge on or before February 22.
The bank was also given an opportunity to file a reply on or before March 22, when the matter is expected to continue before the Chief Justice.
SOCU had approached the court asking for orders mandating the bank to share information regarding the 2007 Cricket World Cup accounts. GBTI, in response, has since moved to oppose an ex-parte application made by SOCU to direct the institution to produce the Banker’s Book on the basis of the Anti-Money Laundering and Countering the Financing of Terrorism Act of 2009.
The records are related to banking transactions conducted by the official Guyana World Cup Inc. for a period of nine years – between March 2007 and December 31 2016.
GBTI is arguing that the anti-money laundering laws were enacted in 2009. SOCU is asking for records from 2007.
Earlier this year, SOCU through its head, Sydney James, applied to the court to have copies of all the records including wire transfers, instruction letters for purchases of US dollars and bank account drafts, among other things.
Additionally, SOCU was also seeking certified copies of all GBTI documentation that resulted from the processing of the transactions.
These include details of the beneficiary to whom the final payment is made, the full details of the beneficiary bank, including the address, the beneficiary account number and the full details of the corresponding/intermediary bank through which the transaction was routed, including SWIFT CODE, IBAN and/or Fedwire details for the period.
However, the bank has moved to challenge the SOCU application citing sections of the Anti-Money Laundering Act.
GBTI is seeking a declaration that the applicant cannot be lawfully ordered to produce and create documents, since it is of the view that sections of article 144 guarantee every citizen the secure protection of the law, which affords every person a fair hearing before any order is made which may affect the legal liability of that person.
SOCU’s actions in the court conflict this protection, GBTI is arguing.
GBTI is also arguing that SOCU is asking for the evidence to be presented in a certain manner which the bank is unable to do, as it would conflict with the evidence law.
The bank has been battling SOCU since last year over release of information which dates back to the administration of the People’s Progressive Party/Civic.

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