(Trinidad Express) Two of this country’s commercial banks have been issued subpoenas as an attempt is being made to piece together a paper trail in order to determine exactly how millions of dollars were withdrawn from accounts of the Hindu Credit Union.
Legal representatives for Scotiabank Trinidad and Tobago Limited and Intercommercial Bank Limited yesterday appeared at the Commission of Enquiry into the collapse of CL Financial and the Hindu Credit Union to respond to the subpoenas.
Senior Counsel Douglas Mendes yesterday appeared on behalf of Scotiabank.
Mendes said he held a 10 a.m. meeting yesterday with the executives from the bank in order to assist the enquiry.
“I have spoken to one of the persons who was involved in one of the transactions from on the bank’s side and I got a lot of information on the three cheques that we have information about,” Mendes said.
Mendes, however, said two other bank officers who were also involved in the transaction have since left the bank.
“I am happy that at this stage we will be able to provide you with more definite answers as to what those transactions were about,” Mendes said.
A statement from the Scotiabank officer is expected to be filed at the enquiry today, Mendes said.
Attorney Richard Jagai, of the law firm Girwar and Deonarine who represents Intercommercial Bank, however, was unable to provide much assistance to the enquiry as he had not met with representatives from the commercial bank.
Jagai said Intercommercial retained the law firm over the weekend.
Queen’s Counsel Edwin Glasgow, the lead counsel to the enquiry, described that situation as “wholly untenable” because Intercommercial Bank had been subpoenaed over two weeks ago.
“They (Intercommercial Bank) are responsible for having let many millions of cash, effectively banker’s cheques, cash go out of their control to another bank. The members who lost their money are looking enthusiastically to us to investigate this matter on their behalf,” Glasgow said.
Sir Anthony Colman, the lone commissioner to the enquiry ordered that either the documents related to the transactions in question be submitted to the enquiry by tomorrow or the company’s Chief Executive Officer Krishna Boodhai or Deputy Chief Executive Officer Gary Awai appear in person to explain the situation.
