Judge: Claimant must show right to reply to defence

Directions have been given for the filing of submissions in a lawsuit brought by Clico Investment Bank (CIB) interim manager Carl Hiralal against its former chairman Andre Louis Monteil. In an “in chamber” hearing on Monday at the Port-of-Spain  High Court, Justice Andre Des Vignes said the claimant did not have  a right to reply to the respondent’s defence. The judge ordered that the claimant provide arguments to show its right to reply. Hiralal, also the Inspector of Financial Institutions, is seeking the recover some $110 million as a result of a loan transaction by Monteil in 2007 to his Stone Street Capital investment firm. The monies represent the outstanding $78 million loan balance plus interest payments on the February 14, 2007, money issued to Stone Street. 

The lawsuit names Monteil, Richard Trotman, former president and chief executive officer of CIB, Stone Street Capital and First Capital Limited, St Lucia, which was also incorporated by Monteil. It also claims that Monteil, a former treasurer for the People’s National Movement, and Trotman colluded and breached their directors’ fiduciary duties and failed to act honestly and in good faith with a view to the best interests of the company.  The matter was adjourned to June 13. Martin Daly, SC, and Jason Mootoo represent Monteil, while Terrence Bharath appears for Trotman. Neal Bisnath and Ravi Nangar stood for CIB.