Reynold Benjamin to stand trial

Reynold Benjamin to stand trial

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Details: Parent Category: Nov 2011; Category: Week ending Nov 12th, 2011; Published on Saturday, 12 November 2011 23:28; Hits: 1000

Reynold-Benjamin Attorney-at-law, Reynold Benjamin has been committed to stand trial at the high court on two counts of fraud.

Chief Magistrate Tamara Gill committed Benjamin last week Friday following a prolonged preliminary inquiry at the St. George’s Number One Magistrate’s Court.

The female magistrate was satisfied that a Prima Facie Case was made out against Benjamin who once served as Political Leader of the Grenada United Labour Party (GULP).

Benjamin who served as the attorney for the failed Capital Bank International Limited (CapBank) was arrested and charged with two counts of fraudulent breach of trust amounting to $845,000.00 by The Financial Intelligence Unit on May 28, 2008.

The lawyer who is being represented by QC, Dr. Francis Alexis is currently on bail in the sum of $50,000.00.

Benjamin is maintaining that CapBank consulted him on the matter of the Eastern Caribbean Central Bank’s refusal to admit its Clearing House facility, which would have allowed the controversial bank to issue and clear its own cheques.

Benjamin is one of two officials of the bank who has been charged with fraud.

Chief Executive Officer and brainchild behind the bank, Finton De Bourg was earlier this year committed to stand trial on four counts of falsification of documents, and three counts of fraudulent appropriation of funds.

However, De Bourg through his attorney, Cajeton Hood has since filed for judicial review.

De Bourg is accused of fraudulently appropriating funds amounting to $15.6 million, $975,000, and $190.97, the property of CapBank.

The State is also claiming that De Bourg falsified the account records and minutes of the Board of Directors of CapBank where he allegedly took money for a company as a loan.

This was reportedly discovered by an audit conducted by the accounting firm, Wilson and Company.

CapBank’s license was given the green light to conduct business in Grenada by the former New National Party (NNP) government of ex-Prime Minister, Dr. Keith Mitchell.

However, Minister of Finance, Nazim Burke, revoked the bank’s license in September 2008.