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Daniel Persaud, who allegedly used the money given to him to buy containers to build a house instead, was refused bail yesterday by acting Chief Magistrate Melissa Robertson.
Persaud, 42 of 2191 Tuschen Housing Scheme, East Bank Essequibo denied the charge which reads that on June 16, 2009 being entrusted with $5M in order for him to purchase 26 40ft containers and deliver same to Woode Phillips, he fraudulently converted it to his own use and benefit, property of Phillips.
Persaud was represented by attorney Rexford Jackson, who told the court that the arrangement between the parties was contractual. His client, he said, was contracted to supply Phillips with the items for his business and due to his failure to so do, was charged. Jackson said that the matter was civil in nature and that his client was not a flight risk. He added that incarceration might be detrimental to his client’s health since he is unwell. In the circumstances, he asked for bail to be granted.
Phillips said that Persaud was an Ainlim shipping agent and claimed to be in a position to acquire the containers. He said that he paid the said amount but never received any containers. He added that he has made several attempts to contact Persaud so that he could get the containers or his money but was unsuccessful.
Prosecutor Stephen Telford asked for bail to be refused since the defendant was a flight risk. He said that Persaud, while in the employ of Ainlim, received the money from Phillips. However shortly afterwards he resigned from the company. He said that in his statement, Persaud admitted to receiving the amount and using it to build a house. Police investigations un-earthed no evidence at Ainlim to show that Persaud had received the said sum, the prosecutor added.
Persaud was refused bail and the matter next comes up in Court 2 on June 18.
