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Carol Joseph on $140k bail for allegedly defrauding MARDS of $6.1M
Kaieteur News – Former director of the Mahaica Abary Rice Development Scheme (MARDS) Rice Milling Complex Limited and a member of the Opposition People’s National Congress (PNC) Carol Smith-Joseph was on Monday released on $140,000 bail after being charged for allegedly defrauding MARDS of over $6 million.
Smith-Joseph, of 99 Main Street, Hopetown, West Coast Berbice was slapped with 14 fraudulent appropriation of property of body corporate charges, that were brought against her by the Special Organised Crime Unit (SOCU) an arm of the Guyana Police Force (GPF).
Charged, Carol Smith-Joseph
The defendant appeared at the Mahaicony Magistrate’s Court before her Magistrate Marissa Mittleholzer where the charges were read to her. The charges were laid indictably and as such, Smith Joseph was not required to plead. She was represented by attroneys-at-law Nigel Hughes and Roysdale Forde, S.C.
The magistrate granted bail in the sum of $10,000 on each of the 14 charges. The matter was adjourned to January 11, 2023 for statements and June 7, 2023 for Preliminary Inquiry (PI) to commence.
According to the police, during the month of March 2022, a report was made to SOCU by MARDS Rice Milling Complex Limited, of fraudulent appropriation of funds of that company by Smith-Joseph, who was a director of that company at the time. As a result of that report, SOCU commenced investigations.
During the course of the investigations, it was revealed that the defendant was appointed as a Director of MARDS between the period July 2015 and June 2018.
According to the police, while being the director without authority, Smith-Joseph solely approved 14 transactions amounting to $6,121,108.00 without the Board’s knowledge and approval between June 1, 2016 and August 2016.
Notably, the Board makes all the policy decisions of MARDS and the duty to execute Board’s decision is done by MARDS General Manager. The police reported that whenever payments have to be made to any suppliers or if MARDS has to do any financial transaction, approval must be given by the Board. Based on the Board’s decisions to pay, the General Manager would cause the payment to be processed by his staff and two authorized signatories of MARDS must sign a cheque of payment so that it can be encashed at Republic Bank where MARDS has a Bank Account. It was further stated that Smith-Joseph allegedly used the monies she solely authorised for her personal benefits and other purposes other than that of MARDS’ business.
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