Barbara Gayle, Staff Reporter
Former head of Century National Bank, Don Crawford -CONTRIBUTED
THE SUPREME Court has granted an order which freezes internationally the assets of Regardless Limited, of which Donovan Crawford, former head of the Century financial entities is majority shareholder.
The Financial Institutions Services Ltd. applied for the order to bar the company from dealing with its assets.
Regardless was a defendant, along with Crawford, in the suits which FIS had filed to recover millions of dollars . The Minister of Finance took over the Century financial entities in 1996.
Mr. Justice Basil Reid granted the freezing order after hearing submissions from Michael Hylton, Q.C., Solicitor General and Carlene Larmond, Crown Counsel, that the order was necessary as Regardless owed money to FIS based on the Privy Council's ruling in November last year.
Crawford and his companies had lost their appeal to the Privy Council.
CREATED A CHARGE
In court documents, Miss Larmond stated that FIS recently discovered that in January this year Regardless created a charge in the amount of US$700,000 (J$45 million ) in favour of Pelican Investments Ltd., a Cayman based company over four properties on Constant Spring Road, St. Andrew.
The properties are valued between J$45 million to J$50 million.
FIS is contending that the charge was created after FIS had commenced proceedings for orders for sale of several properties owned by Mr. Crawford and Regardless.
The lawyers, who are instructed by the law firm Myers Fletcher and Gordon, argued that the injunction was necessary to prevent any other similar action by Regardless.
The judge granted the injunction restraining the issue of the share capital in Regardless on the basis that the status quo of that company should remain until the sale of the majority shares held by Mr. Crawford.
The injunction was also granted on the basis that an additional issue of share capital would have the effect of diluting the shares to be sold.
Mr. Justice Reid also ordered Regardless to immediately disclose with full particularity the nature of all assets and their whereabouts.
DECLARED INNOCENCE
On March 10, this year Mr. Crawford who is now residing abroad, sent a letter to the Solicitor General, in which he said "We are 100 per cent innocent of all allegations, and have consistently declared our position from the very inception of the assault, on July 10, 1996 when the armed assault on the CNB entities took place, while I was busy pursuing bank's business in the U.S.A."
He ended the letter by saying that "We do not believe that we have done anything which violates the legal or moral position , and in all the circumstances, hope that you will see your way clear to continue discussions on a basis which would be fair and transparent to all. I offer myself to open access, if this will enhance or facilitate the conclusion of a settlement. On reflection, I have never been asked or approached on anything to do with CNB or otherwise since July 10, 1996's armed take-over.
"I close by relying on your personal and professional principles of justice, fairness, even-handedness and transparency, consistent with your established reputation, and look to a timely response.
