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National Energy recovers US$3.56m

Published: 
Friday, August 11, 2017

On August 3, 2017 the National Ener­gy Corporation of Trinidad and Tobago (NEC) recovered US$3,562,566.62 which was part of an illegal wire transfer to Dubai in September, 2011.

According to a media release yesterday from Energy Minister, Franklin Khan, the recovery was 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 the citizens of T&T.”

The release said this action was a conse­quence of a discovery made by the NEC on Monday 26 September, 2011 that its US Dol­lar account at First Citizen’s Bank had been debited in the amount of US$9,608,995.41.

“There were three wire transfers from the said account that were not instructed by the NEC and the recipient banks were located in Boston, Antigua and Dubai respective­ly. Funds illegally transferred to Antigua in the amount of US$4,633,747.35 were sub­sequently recovered in October 2011 as the funds had not yet reached the recipient’s bank account.”

The release said following this mediation proceedings commenced between the Boston recipient, the NEC and First Citizen’s Bank, 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 their successful com­pletion, the sum of US$3,562,566.62 was re­turned to the NEC account on August 3, 2017.